Dear Manishji ,
Thanks for giving me the opportunity to learn a lot from your blog.I am in dilemma and i need sincere advise urgently
Question:-My parents are senior citizens and one plot was purchased in
1970’s on my mother’s name and same has been sold now in approx. Rs 35 Lacs
.Now my parents want to construct a home on a plot which is on father’s name with this money.
.My question is what are the formalities need to be done to construct the
residence on plot which is on my fathers name and money will be used from
my mothers account to reduce / exemption from tax liability.Also pls advise
in future if we (3 brother’s) will share this accommodation so how ownership
will come in to picture particularly if we want to give partially it on
rent.
How all points need to take care in present and in future and what all legal paper formalities to be done to gain the benefit of long term tax gain.
Thanks in advance.
Regards,
Vikas Jain