Hi,
One of my friend as made an GPA for 2 acres of land which is in court case and still the issue is not resolved(he didn't paid money to land owner). Now he wants to sell it to some buyer. Buyer is giving some amount as token advance and remaining will be paid after the court case is resolved. He wants to know whether he need to pay tax for the advance amount.
What is GPI ?
If the court case is serious, it won't be in his interest to sell a litigated piece of land to someone, which may add even more trouble for your friend. Not advisable to sell a land under litigation.
O P Bagla & Co LLP
New Delhi
CA Inter
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BHUPINDER SHAH AND COMPANY
New Delhi
CA Inter
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