Capital gains on registering a property sold in 1987
Hi,
My Grandfather purchased a property in 1987 and paid full consideration. However, the property was not registered. We have the Agreement to sell from the seller along with the Power of Attorney in my father's name.
We have constructed 3 additional floors on the same property.
What is the best way to register the property in my father's name now ?
a). Through Agreement to Sell ( which I believe will carry Stamp Duty as per prevailing circle rates)
b). Through Will.( which may not have stamp duty implication)
Also, if we register through Agreement to Sell, will the seller have any Capital Gains tax liability since the Registered Value of the property at prevailing Circle rates is substantially high despite the fact there is no exchange of money now or no fresh income to the seller now ?
The seller's heirs are not ready to transfer stating that they will have Income tax liability.
Can we register each floor separately to avoid/reduce the tax implications ?
Request you to please provide your expert advise.
regards,
Rajesh
Asked 8 years ago in Capital Gains Tax