If I sell any property of other's for which power of attorney is in my name shall I be liable for any taxation?I.e. I have power of attorney of some others property. If I sell this property, what is the tax liability on me?
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Property selling rax
Replies (6)
If you keep money with you, your liability exists.
As per law, the owner gets sell price, and s/he is liable for any tax over it. GPA holder is just acting on behalf of the owner.
But the buyer will give it via cheque or cash to me only. In this case if I give the money to actual owner by cash stii am I liable for tax
If buyer gives the sell amount via cheque/DD or bank transfer directly to owner's account, liability over Attornee doesn't exist.
If the buyer pay the amount to attorney then?
If the buyer pay the amount to attorney then?
Actual your problem is you want to sell your GPA purchased property.
Best solution is get it transferred to yourself or your relatives name, so that everything can be settled easily. You will have to shed stamp duty, no better solution. You cannot give cash amount (on paper) to the owner!!! You can't pay his tax liability.
Actually, buyer has to pay to owner directly or through attorney. Attorney cannot legally keep it with himself.
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