Hi,
I have received a gift property from my father and kept it in mortgage loan for my business. Unfortunately, I have lost a lot of money in business because of backstabbing and negligence factors. Now the EMI is about 8 lakhs in total for a total 5 cr loan. Now I am exhausted with further funds to repay. The property worth is about 6- 7.5 cr. but as the market condition is not good, people are asking it for cut throat pricing of 5cr. only.
If I even sell it, I end up closing the loan but I need to pay capital gain of 30% on the sale. I have my own brother in the US but most of the bank's are avoiding NRI mortgage / purchase loan. Can someone help me out with your valuable suggestions which could save me from this hell. I wanted to come out clean without spoiling my cibil history nor any loss of reputation.
Could you please evaluate my situation and gimme some wayouts to come safely without any hassles from IT or govt. Can a brother buy the property from his own brother? If I sale to anyone / my own brother, will it attract capital gain ? If anyone has questions for me, I am more than happy to answer them immediately. Your help/ advice is much appreciated and would prove a life saver!
CAclubindia
