We are residential flat promoters in Chennai and are in the process of nominating office bearers for the flat owners association of a project. When doing so, can we nominate blood relatives of the flat owners or only those whose names are mentioned in the registered sale deed?
G. Balaji
Chennai
If the primary owner is unable to act as an office bearer due to certain reasons, his/her blood relatives can be elected/nominated to the committee, provided the bye laws permit the same.
It has to be ensured that both the owner and the relative do not become office bearers at the same time.
Can the proceeds from the sale of one of my properties can be utilised for the repayment of the advance received by me for the sale of another property I own?
Will it qualify for capital gain tax exemption?
K.D. Jayaraman
Chennai
Cannot be answered by us. To be addressed by a Chartered Accountant.
