Na plot - no stamp duty, only poa registration

1. " if I sell it to him with only registering the power of attorney to his name and not doing stamp duty, will I sit under a different tax bracket/ tax liability or will it be termed as an usual transaction (when stamp duty and registration both is done) or it will attract different taxation procedure. "

No, it will be a usual transaction, with nominal tax liability, because it can considered  as part and parcel of any transaction.

"Will it be a Benami transaction and attract any legal implication? " Not benami transaction which may lead to any legel complication, because final documentation were expected to be done at completion stage.

2. As the sales proceeds would be 65 lakhs, I presume LTCG will be around 50L or less, so better claim exemption under sec. 54EC in any single year. And that would be suffient.

3. Yes, house property purchased jointly with your son, by clearly demarketed shares of your part, along with your investment would enable you to get exemption u/s. 54F, upto your part of investment.

Depending upon your GPA drafting, or other terms agreed, please note that section 2(47)(v) may trigger as soon as GPA is incorporated, even though you may not receive any amount from developer!!

Sir, thanks for the revert.

Just need a clarification regarding below reply from you:-

"Depending upon your GPA drafting, or other terms agreed, please note that section 2(47)(v) may trigger as soon as GPA is incorporated, even though you may not receive any amount from developer!!"

a) So you mean, as soon as the registration of GPA for plot is done, Income tax liability is incurred on me from that day?
b) In my case, registration of GPA and exchange of cheque will go simultaneously (since no stamp duty), so I will be liable towards Tax on 65 lacs from the day of registration of GPA?

c) Same will be the case for Buyer?
d) Also, After few months/year buyer(Developer) does stamp duty with his multiple customer, Will I be liable in any aspect for any of the tax or legal formality then? or will it be soley the responsibility of his, to manage?

See, you hereby going to commit some transactional terms with a developer, by whatever mode, GPA, Deveopment agreement, right to access/enter into your plot, etc., etc.

To avoid double stamp duty and payment of the cost of land, the developer is going for such mode of transaction, but you may be liable to pay LTCG, if by any means its proved to be an act of transfer of property by IT department as on the date of incorporation of such documents. Even though you may get payments from actual purchasers of the houses. but your tax liability may arise on this date itself!

So, it would be better to get help of your CA to avoid any future complications.

LTCG is definately which we will abide as per Income tax act. Only concern was sell of plot without stamp duty, which you addressed. As you said, I will have CA attached to this transaction for any future complication.

Thanks!!! Appreciated your valuable opinion.