Ramesh (Job) (33 Points)
15 August 2014hi......
Many year back my Grand father got land (2.4 acr as R zone) in dam rehabilitation in chakan ,last year he died and now his five ligel heir contract with builder, Buider will give them now in this week 90 lack. as non refundable Deposit and 43000sft.constracted area after 3 year when construction complet.
N. A. process is going on.
pls. suggest solution for tax planning. How this money will acccept.
TKKKKKK
(PRACTICING CA)
(3268 Points)
Replied 15 August 2014
Ramesh
(Job)
(33 Points)
Replied 15 August 2014
Thank you Sir,
so, can my father receive cheque of Rs. 90 lack, from builder now..?
Because this site are under construction now, we have given land to builder for construction of Residential proparty (R zone) thats why we receiving this amount in advance insteade of after selling flats.(construction take 2 year for completon)
Mihir
(Wealth Manager)
(5293 Points)
Replied 15 August 2014
The property is required to be transferred in favor of 5 legal heirs. There is no tax on transfer to legal heirs.
You must consult a good advocate who will help you will drafting agreements with the developer and will protect your rights and interest in the property.
ARNAB MONDAL
(STUDENT)
(34 Points)
Replied 15 August 2014
CA Sanket Gujar
(Professional)
(74 Points)
Replied 15 August 2014
No tax, however draft a proper deed and verify if TDS is required to be done u/s 194 IA
CA Deepesh Ruhela
(Keen to Learn)
(3271 Points)
Replied 16 August 2014
Yes, there is no tax implication in case of inheritance i.e. property t/f from father to legal heirs but there is tax implication on transaction arise between 5 legal heirs and builder. Capital gain will be leviable.
You should consult with your CA.
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