registration of family settlement deed
srlaksminarasimman
(Querist) 06 August 2009
This query is : Resolved
Respected friends ,
I request you all kindly clarify on the following matter.
A(husband) and B (wife) are husband and wife. They have got C (son) and D( daughter). B has got a house property acquired by her.B decided to make a family settlement stating that her house
property to be given in entirity to D. She decided to give a limited and specific power of attorney to B's brother with only one and singular instruction that this family deed settling house property has to be registered after death.
The relevant issues are
1. is it possible to register the family settlement deed after the death of B and the stamp duty as applicable to family settlement deed can only be paid?
A V Vishal
(Expert) 06 August 2009
What is the idea in getting the settlement deed registered after the death of B. Further, B can also draw a will instead of a settlement deed naming B's brother as the executor and D as the sole legatee of the property.
Y V Vishweshwar Rao
(Expert) 06 August 2009
1- As Opined by Mr Vishal a Will Deed can be executed
2- A Regd Settlement Deed can also be executed by B in favour of D with all the above terms and condition and that she will enjoy the proerty till her life time and after her death D will become the sole absolute exlussive Owner of the Proerty .
3- For Family Settlement deeds -NJS will be nominal , in AP it is 1 % of the Property Value - Check up with your local State Stamp Duty in LOcal SRO Office !
Deekshitulu.V.S.R
(Expert) 07 August 2009
Mr
You have unnecessarily compounding the confusion, as suggested by Vishal, let "B" execute a registered WILL and there let it be mentioned that the property should be taken by D after her death and as suggested, "B" can keep her brother as an administrator of the property till the death of "B". This involve no stamp duty, and if necessary, get the will registered, that too it is optional
Jithendra.H.J
(Expert) 07 August 2009
it is better to make a gift deed in favour of her son
srlaksminarasimman
(Querist) 11 August 2009
Respected friends,
I thank the experts for their views on the subject. The intention of B is to enjoy the concessional duty applicable to
family settlements and also to keep the family settlement in secret from the knowledge of the in laws of D. B's intention is to keep her daughter D fully informed about the family deed but not to inform for others at least for the time being, she feel it can be known at a later date
with regards
sr laksminarasimman
