Can sale proceed be given to only one while 2 names are written in deed?
1 year ago
I am buying flat in resale from NRI couple & joint names are mentioned in conveyance deed.Husband is asking to transfer all sale proceed in his NRO account with no money to be given to wife after deducting tax @23.92 % and also saying to deposit all tax in his PAN.
He is ready to give undertaking to his wife that she is not an economic owner of the flat and doesn't want any money from this flat sale.
Is it correct legally to do that ?
A.Dear Client,
sale deed should be issued on both names in a joint ownership. if she is also a joint owner, then her name must be there in the sale deed, if her part is also being sold. considering the undertaking, if the wife is okay with giving money only to the husband and have no problem with it, then do it with all necessary precautions.
sale deed should be issued on both names in a joint ownership. if she is also a joint owner, then her name must be there in the sale deed, if her part is also being sold. considering the undertaking, if the wife is okay with giving money only to the husband and have no problem with it, then do it with all necessary precautions.
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A.Dear Sir,
It may create some problem since it is being sold by two persons and equally they are entitled for sale consideration and accordingly tax to be paid. Please check with chartered accountant.
It may create some problem since it is being sold by two persons and equally they are entitled for sale consideration and accordingly tax to be paid. Please check with chartered accountant.
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