Transfer of property
SRINIVASA SHARMA AVR
(Querist) 23 April 2014
This query is : Resolved
Hi, My father passed away on 12 apr 2014, without leaving a will. He is succeeded by my mother, four children, with my elder brother being the first one, then two sisters and then myself. we are all married, and settled.
We own a house in hyderabad, which is built by my father of his own earnings. Further, he has left behind Fixed deposits for which, my mother is a joint account holder.
Further, the terrace rights of the house were gifted to my brother in 1993 on which he has built 2 floors.
today, iam staying in the ground floor and my brother is staying in the first floor.
PLease advise as to who would be entitled for the ownership of the ground floor of the house and the FDs in bank. Would all four of us, including my sisters, would be entitled for a share? If so, how is valuation determined? This is purely an academic question. Further, my mother is 78 yrs old. In case, she wants to write a WILL considering the uncertainites of life, what is the procedure.
Devajyoti Barman
(Expert) 23 April 2014
In FDs. all f you are equal share holders in respect of half share of your father.
The house would again be equally divided among all his legal heirs. The portion built by your brother would be left alone from this.
Devajyoti Barman
(Expert) 23 April 2014
According to market price which can easily be determined from local Registrar's office.
Devajyoti Barman
(Expert) 23 April 2014
According to market price which can easily be determined from local Registrar's office.
Rajendra K Goyal
(Expert) 24 April 2014
What is the style of account in FD, if it is either or survivor or former or survivor with your mother the money belong to your mother, if it is jointly without survivrship clause, 50% would go to your mother and rest to all legal heirs equally. In case of nomination, legal heirs can claim their share from nominee.
your mother can get the will drafted from a local lawyer.
The ground floor of the house would be shared among all the legal heirs including sisters.
