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Property transaction through POA and Capital Gains Tax
25-Jul-2023 (In Property Law)
I bought a property(1) from a middleman who held POA for that property and got the sale deed registered on 20/6/2011 for amount 17L But came to know immd after two days that the property had double document issues and he agreed to replace it with another property(2) in same locality. Within two months we got that property 2 registered with sale deed in my name but he was not ready to register the property 1 in his name and took POA from me. Now he has sold the prop 1 on 5/10/2015 for 72L. When I called him regd Capital gain tax of ~9L he easily and negligently says you take care. Pls suggest
You are in problem. The property 1 sale deed itself is invalid. You should not have given the GPA to him. If that prooperty is owned by a third party and it involves a criminal case, you will be in problem.
For the taxation you may contact any auditor.
For the taxation you may contact any auditor.
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Adv. V Arunagiri
Chennai | 25+ Answers
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If the vendor has sold the property on the basis of the POA and got the amount mentioned to that extent in the sale deed, then it become your liability to pay the applicable income tax.
You may issue a legal notice to the vendor who sold the property in the capacity of your power agent to deposit the entire sale consideration amount to you and make this demand legal through this legal notice.
If the POA/Vendor is not responding to this then file a money recovery suit against him, which will make him to run to you for compromise and negotiation.
You cannot demand the tax portion alone from him.
You may issue a legal notice to the vendor who sold the property in the capacity of your power agent to deposit the entire sale consideration amount to you and make this demand legal through this legal notice.
If the POA/Vendor is not responding to this then file a money recovery suit against him, which will make him to run to you for compromise and negotiation.
You cannot demand the tax portion alone from him.
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Adv. T Kalaiselvan
Vellore | 400+ Answers
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Sir/Mam,
When you have given a power of attorney in his name for the purpose of selling he doing all acts on your behalf, which also means you are the owner of the property at that point and until 5/10/2015. So you may go ahead and take necessary legal action saying that your agent was not loyal to you and has concealed the facts about the sale took place on 5/10/2015 and also not surrendered the consideration received with all receipts, disbursements and transactions made on behalf of the you, from the purchaser i.e., he has not given you the sale consideration of 72 lacs or so.
This would push him to come forward to make the necessary payments.
When you have given a power of attorney in his name for the purpose of selling he doing all acts on your behalf, which also means you are the owner of the property at that point and until 5/10/2015. So you may go ahead and take necessary legal action saying that your agent was not loyal to you and has concealed the facts about the sale took place on 5/10/2015 and also not surrendered the consideration received with all receipts, disbursements and transactions made on behalf of the you, from the purchaser i.e., he has not given you the sale consideration of 72 lacs or so.
This would push him to come forward to make the necessary payments.
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Adv. GP Vijay
Chennai | 200+ Answers
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Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
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