Property in father's name
sunil kevin
(Querist) 14 October 2015
This query is : Resolved
Respected Sir /Madam
my father who had expired 12years back and my mother expired 8 to 9 months back, we have a house which is still in my fathers name now i want to sell that house, there is no will ( this property is in Hyderabad)and i am christian.
1. Do i need to transfer the said property in my name first and then sell
2. can i sell directly to any person.
3. if i can sell directly what are the procedures of then what i have to do to sell the same .
kindly advise
regards
S.patrick
Anirudh
(Expert) 14 October 2015
First tell us as to who are the legal heirs of your father, at the time of his death. (Here please leave out your mother, who has just passed away).
Legal heirs of your father could be his mother, you, your brother(s) and sister(s).
You should also indicate whether any of the son(s)/daughter(s) of your father have predeceased him and whether such predeceased son(s)/daughter(s) have any children.
sunil kevin
(Querist) 14 October 2015
sir
my elder brother and myself are the legal heirs.my father at the time of his death he was 70+, secondly there are no predeceased
Anirudh
(Expert) 14 October 2015
When you have your elder brother, how you can get (and consequently sell) the entire property to yourself, without bringing into picture your elder brother?
sunil kevin
(Querist) 14 October 2015
Sir he has given NOC to Sell the property
Anirudh
(Expert) 14 October 2015
1. You should have legal heir certificate in your possession showing you and your elder brother as legal heirs.
2. NOC from your brother is not enough for selling the property. Your elder brother should give a Registered Special Power of Attorney authorising you to sell the property on his behalf. (you would be bound to pay him his share from the sale proceeds of the property.). If he has allowed you to retain his share of the property, then in that event, instead of Power of Attorney, you have to get Registered Relinquishment Deed from his relinquishing his share in the property in your favour. In that case, you will be able to sell the property, on the strength of the legal heir certificate and Registered Relinquishment Deed, without getting the property mutated in your name.
3. You are liable to pay long term capital gains tax to the Income Tax Department on the sale of the property, unless you avail any of the options available for claiming exemption under the Income Tax Act.
4. If the consideration for the property is Rs. 50 lakhs or more, the buyer of the property will deduct 1% TDS and will give you only 99%. The 1% TDS will be remitted by the buyer directly to the Government by quoting your PAN No. When you pay the capital gains tax, you will be in a position to adjust the 1% TDS which is in your credit, and will be required to pay only the balance tax.
Rajendra K Goyal
(Expert) 14 October 2015
Agree with the advise from expert Anirudh.
sunil kevin
(Querist) 15 October 2015
thank you sir for your valuable advice.
Sir
we are having legal heir certificate taken when my father expired 12 years back is it valid? in this my mothers name is also there.
Registered Special Power of Attorney: what is this and how to proceed on this (Pls note: my brother is in Muscat an i am in Bangalore and the property is in Hyderabad)
