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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.
Replies (2)
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.
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.
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.
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