Two months back we invested in under construction property in Gurgaon. We have paid 90% of the amount. We went ahead as it was a white deal. We took loan and rest given in cheque. Now after two months, the owner is saying that he does not want to sell his property as the property in which he wanted to invest did not materialize. So now he wants to back out because otherwise he has to give tax on short term investment as it was a white deal. His property was HUF.

He is giving excuses like his papers are with his chacha ji and he is giving me the property papers now.

We have already paid everything, our EMI for loan has started, broke all our FDs, insurance on loan has started, we are not in a position to back out.

Now please suggest, what can we do legally so that he make the transfer of property on our name.

Regards

Dheeraj mehta