Sell of Property
5 years ago
1) My parents (both come under senior citizen bracket) are planning to sell their house and shift to another city.
We would like to known the processes?
Are there entitled for any senior citizen benefits?
Is there any type of checklist that they could follow to have a smooth transaction?
What points have they to keep in mind so that they do not end up paying extra taxes or fees?
They have 3 sons so is it advice able to make a will at the time of acquiring new property?
How should the transaction take place so that they do not get cheated or loss money while selling the house?
Rajender Prasad
Responded 5 years ago
Deepak Yashwantrao Bade
Responded 5 years ago
ARPIT BATRA
Responded 5 years ago
Ask them to receive only demand draft and not cheques. Normally no concessions being offered except in Income Tax. Please check with concerned departments.
For full procedure contact me on mobile through Vidhikarya.
You have asked few things which I am answering serially.
1.There is separate rule and sale and purchase for the Senior Citizens.
2.When you sell the property in one place and acquire in another( which means you invest that money) then you are entitled to get some relaxation which will be told by the Income tax Lawyer/Chartered Accountant who normally do the Tax Return Filing job.This is not a Rocket Technology.So you need not worry.
3.Instead of Will, your father can purchase in the name of the Children, if they are minor.If they are Adult, there can be a clause that the property will be shared equally after him.
Shanti Ranjan Behera,
Advocate
Vishwabandhu
Responded 5 years ago
Rameshwar Dadhe
Responded 5 years ago
Transfer of property to wife after demise of husband
Path to reach home
Property disputes
Neighbour Water leakage
NOC FROM OTHER FLOOR OWNERS
