Family settlement deed - format required.

lakshmi (Querist) 08 October 2015 This query is : Resolved
Hello Sirs,

My mother sold her property and now she wants to give some equal share of money to her 4 children. What is the procedure for this disbursement? Any deed like family settlement or so is required to make? If so, I need a format of this type of legal paper. Please assist me.

Secondly can she mention that amount as Gift from her to the children?

Please revert back your opinion. Thank you,

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Guest (Expert) 08 October 2015
Consult the CA Club of this same Forum

SAINATH DEVALLA (Expert) 08 October 2015
In addition to Adv Rajkumar,formats are not provided here.

R.K Nanda (Expert) 08 October 2015
formats are not provided.

malipeddi jaggarao (Expert) 09 October 2015
First of all no formats are supplied. Secondly, What is the amount involved? When it is her money settlement is not legally required. However, for the individual beneficiaries, the sources of funds are to be shown as gift hence, she may execute a gift deed. Take the assistance of local advocate if the amount is sizeable.

Rajendra K Goyal (Expert) 09 October 2015
She can enter into a registered family settlement. After receiving property shareholders may dispose off the share individually and would be taxed, if any, accordingly.

Alternately, she can dispose off the property, pay capital gains if any, TDS applicable, and can gift the rest as per her wish.