i am an NRI belongs to agriculturist family in Karnataka. I have peice of agricultural property in my name which i got from my parents through inheritance. I have following quaries:
- Now my mother who is a hardcore agriculturist want to buy some agricultural property and for that she want finance from me as a gift. Can i gift her money from my NRE/NRO account ?. Any tax issues ?
- Is there any age restrictions to buy a agricultural property ? i mean whether senior citizens who are mentally sound people can buy property in their name ?
- My mother resides in Mangalore district whereas the intended buying prosperty based in another district but both districts falls in Karnataka state. Can she issue power of attorney to her daughter (my sister) in mangalore to register the property in her name in another district ?
- After the registration is done, can my mother make a WILL which is legally binding document that identifies who should inherit this particular property ?
Thanks in advance.
Regards
