Please explain the query end to end process

Have a coperative housing soceity in Mumbai under my fathers name. It is in the process of being redeveloped. I have 2 options take the sale proceeds with the selling or get an another flat and sell it. but I would like to go with sale proceeds and get the money credited to the account. The question is after selling the property it will get credited to the owner my fathers account,but since it is the only property he possesses, can the bank freeze the funds while teansferring the funds to another account with different addressAs per will, he has an another property in village which will be under his name only after his mothers death. Me, son has the same ancestral property in the village under my name with adhar card,bank account with the same ancestral address. Can I register a gift deed and get that money? the problem is will the bank freeze the funds since huge sum is being transferred and bank will ask for KYC. please answer in brief. also can you please help me with all the documentation process and what are the agreements required in sale of chs,gift deed and all propery process required. hope you help me with the answers 

Replies (2)
Quick Summary
Sale proceeds must be credited to the father's account. Banks may seek KYC/source proof but won't freeze funds without reason. Gift to son is tax-free if documented properly via gift deed and valid transfer.

Sale proceeds → credited to father (mandatory)

Bank may ask source proof but won’t freeze without reason

Gift from father to son = fully tax-free

Follow proper gift deed + bank transfer route

Keep documents ready for smooth transaction

 

thank you for your prompt response! Could you please explain why a gift deed is important in such cases?

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
08 October 2026
Account Executive

Elite Taxation

New Delhi

CA Foundation

View Details
Company
ARTICLESHIP 21 September 2026
CA Article Assistant

KK & Company Chartered Accountant

Pune

CA Inter

View Details
Company
ARTICLESHIP 16 September 2026
Article Assistant

MANUJ SHARMA AND COMPANY

Noida

CA Inter

View Details
Company
ARTICLESHIP 08 October 2026
ARTICLE TRAINEE

S.B.G. & CO. CHARTERED ACCOUNTANTS

New Delhi

CA Inter

View Details
Company
19 September 2026
CA/Semi-CA/BCom

Pravin Sarvaiya

Mumbai

CA Inter

View Details
Company
30 September 2026
Senior Accountant

Codeboard Technology

Chennai

B.Com

View Details
Company
ARTICLESHIP 16 September 2026
CA Article Trainee

SR BAGAI & Co.

New Delhi

CA Inter

View Details
Company
12 October 2026
Chartered Accountant - Internal Audit

HKC | Chartered Accountants & Business Advisors

Ludhiana

CA

View Details