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Topics - yameen

Discussion / Caiptal Gains tax query - Urgent reply
June 28, 2012, 02:11:31 PM
      The land belongs to '' X '' and he has entered into an agreement with ''Y''(who is a builder)
the contract is to construct the apartments and give 41% of apartments to me and he must take over 59% of apartments and for this a power of attorney is executed and as per income tax provision and a case law of Jabasir singh sarkaria (2007) (AAR)  its held that tax need to be paid the moment power of attorney is executed and to avoid such tax in power of attorney a clause need to be made stating that the power is given to builder only on completion and not otherwise

           My question is to know  tax planning of 59% i.e.., can X transfer it to his wife or daughter and claim exemption and how can i make the documents so has to give right on the property only after completion of the project and not otherwise
         Need a urgent reply

Yameen Ahmed