I want to purchase a plot of 2025 sq ft which was registered under GPA in 2009. The GPA holder has sold an undivided share of 405 sq ft in 2011 to his nephew.
My question is
1) Whether the GPA holder(1620 sq ft) and his nephew(405 sq ft) have power to jointly execute sale deed in favor of the buyer?
2) In whose name, should the sale consideration amount be drawn in favor of, GPA holder or Original owner(Principal)?
3) Whose PAN Number from the seller's side should be given in the sale deed?
4)From whose PAN Number, should the 1% TDS be remitted?1)Yes.
2)Sale consideration be drawn in favour of GPA Holder in respect of 1620 sq ft and sale consideration in respect of 405 sq ft is concerned,in the name of nephew.
3)Respective owners' name,i.e.original owner of 1620 sq ft and 405 sq ft(nephew.
4)Buyer's PAN in case transaction amount would be Rs.50 lac and above.
Thanking you,
1. First indicate whether the GPA holder is the buyer of the land or he is a gratuitous attorney.
2. To remove any future complication you must add both the principal and the the nephew as party to the deed. The GPA holder may be left out if the GPA is a registered deed.
3. All of your PAN no. should be given.
4.You would be liable for TDA deduction if the same is applicable.
Hi, it is better you can contact local advocate and get a legal opinion so that there will not be problem in tomorrow and so far as payment of sale consideration is concerned you can pay the amount to both of them by way of Demand Draft and if the GPA is valid one and he has every right to execute the sale deed then you have to pay the amount to GPA holder it self and they have to furnish the PAN number of GPA Holder.
1) once registered power of attorney has been executed by the principal in favour of the holder of power of attorney then the holder can sell 1620 square feet of land in your favour . similarly the nephew who is absolute owner of 405 square feet can sell land to you
2) sale consideration can be in favour GPA holder as he is authorised to receive sale consideration for sale of 1620 square feet
3) PAN no should be indicated in sale deed
4) TDS should be deducted if sale consideration is more than 50lakhs
A. Your nephew is eligible to sell and receive the consideration amount towards undivided share 405 Sq. Ft. GPA holder is eligible to sell and receive the consideration amount towards the 1620 Sq.Ft.
B. The Sale Consideration amount shall be drawn in favor of Nephew and GPA holder with respect their proportionate share.
C. Both PAN details required in the Sale Deed at the time of execution of Sale Deed.
D. Purchasers PAN required, if the Sale consideration amount exceeds more than 50 Lakh.
1. Your query is silent on what is the nature of GPA. Was the property sold for consideration to the GPA holder who later sold 405 sq ft thereof to his nephew? If registered power of attorney has been executed and the holder of power of attorney is authorized to sell the land then he can sell it to you.
2. Sale consideration in respect of 1620 sq ft of land has to be drawn in favour of GPA holder, whereas sale consideration for 405 sq feet of land has to be in favour of his nephew.
3. PAN numbers of both the sellers ought to be incorporated in the sale deed.
4. TDS will be your liability in the event that the consideration exceeds Rs.50 lakhs.
The GPA holder says he has paid the full money to the owner,yet he holds a GPA to sell or promote the land. If I buy the property from the GPA and pay the consideration amt in GPA's name will my ownership in the property be questioned by the owner or his legal heirs at a future date?.what should i do to make my ownership legal?.As a buyer i remit the TDS of 1% (the sale amt is more than 50 lak) by mentioning the PAN No of the owner or GPA?
1) if money has been paid by GPA holder then sale deed ought to have been executed in his favour by the principal . it appears that inorder to avoid payment of stamp duty and registration charges GPA was obtained
2) inorder to confer legal title on property sale deed is required .
3)SC has held that GPAs are not valid transfers of ownership. Only registered sale deeds are.
4) avoid purchasing the property .
Hi, i have already advise you to go for an advocate and get a legal opinion from him, in this matter it is very difficult give opinion without going through the documents and there may be change of questioning of your ownership in the court or else you have to make a principal as a consenting witness in the sale deed.
First of all U submit the connected documents copies to a local Advocate for legal opinion, if the title is proper proceed to buy it or leave it. Without verifying the said documents it is not advisable to suggest U any legal opinion or advise like this.
1. The GPA Holder has already sold 405 Sq.Ft area to his nephew and now has 1620 sq.ft area only with him. It is suggested that separate sale deed is executed and registered for both the properties in favour of the buyer,
2. It depends what has been mentioned in the GPA. If he has been authorised to receive the consideration in his name then it can be paid to him,
3. In whose favour the consideration is paid,
4. Form his PAN No., whom the consideration has been paid.
1. This type of sale through GPA has been barred by the Supreme Court from the year 2012 since it avoids payment of stamp duty as it is considered that passing on the property to the GPA holder is nothing but a sale for which no stamp duty has been paid,
2. I suggest that you ask the land owner to be a confirming party to the sale deed.