GST Plus - Get Daily updates,support, whatsapp Group & reply to GST Notices etc.!! Call : 011-411-70713 !!

ICICI

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

T.N.REDDY (M.Com)     28 September 2021

Certain doubt with regard GPA transactions

sir. My brother is in London. He has a property in India and would like to sale the same and he does not have any bank account in India. Now he says he will give the GPA to do this sale transaction and after I do this transaction I should take that sale proceeds in to my bank account and then I have to transfer to his overseas account. Is it correct or How can I go ahead about it, and I should not be troubled because of this entry from the Income Tax Department. Kindly enlighten me.


 2 Replies

Rama chary Rachakonda

Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)     28 September 2021

GPA is not valid for the sale/purchase of property. ... Transactions related to an immovable property can only be done by way of stamped and registered conveyance deed, as applicable under the respective State government Act.

veerendar singh

veerendar singh (tax consultant)     28 September 2021

Execute a power of attorney in your favour and then sell the property by using your signature and bank account.

dont worry about such huge deposit in your account. its not your income, you should not worry about tax implications as there is no tax implication.

things will get complicated if tds is deducted under your PAN. and also the buyer is ultimately transacting with a non resident. what would be his duties under s. 195?

I dont have knowledge in that field so i cant say.

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  


Start a New Discussion

Popular Discussion


view more »







Subscribe to the latest topics :
Search Forum:

Trending Tags