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Money on sale of house property.. urgent!!!

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for ebay

72 Points Posted on 01 February 2020

I have an ancestral joint property (4 owners) and all of us are planning to sell the house... My 2 brothers and I have 12.5% each of total share=37.5%.. And my elder brother has 62.5% share....

Now if we sell the property for say 1 crore.. I get 12.5lakhs.... Now if the buyer decides to show a total value of say 30 lakhs to save stamp duty...

So according to papers i get12.5x30% = 3.75 as shown in sale deed... So how do i keep the remaining 8.75 lakhs in bank.... In my account... Thanx in adv

Replies (6)

Quick Summary

This discussion explores how to handle the sale of a joint ancestral property when the sale deed value is lower than the actual transaction amount. The original poster wants to know how to legitimately receive and bank the difference between their actual share and the amount reflected on the sale deed. Advice includes depositing the cash gradually, showing it as gifts from relatives, or adding it to income over time, rather than placing it directly into a Capital Gains account due to procedural complexities.

Roshni

Studwnt

1141 Points Posted on 01 February 2020

Inflow in your bank should be only of 3.75 lakh

for ebay

72 Points Posted on 01 February 2020

So this 3.75 must be immediately kept in a cag account or it can be kept in any sb account and be utilize in purchase/ development of property within 1 yr frm the date of sale of property... Thank you again :)

Roshni

Studwnt

1141 Points Posted on 01 February 2020

CG a/c does have lot of procedure better to invest it within specified time without keeping it in CG a/c. For the cash part gradually deposit it as your saving or something.