My mother (M) expired about 9 years ago, without creating a WILL. There is one Residential plot (A) (current market value about 2.5 cr) and a flat (B) (current market value about 12 lakh) in her name which she purchased around the year 2000 out of proceeds of sale of my father’s self-made house in Madhya Pradesh. My father (F) also owns a residential flat (C) (current market value about 12 lakh) in his name which he got as inheritance after death of my Grandfather and Grandmother in the early 70s.
Me and my two sisters (S1 & S2) are married and have two children each. S2 resides abroad and is a citizen of USA.
My Father (F) is now more than 80 years old. He wishes to divide the above properties by making a WILL as follows, without any consideration and with mutual consent:
Property A to be transferred to S1; Property B to be transferred to S2; Property C to be transferred to me.
S1 feels that the above transfer and necessary documentation should be completed urgently without further delay, and not through the process of my Father creating a WILL.
I seek guidance on following Queries:
Q1. What is the position under Law for division/ transfer of the above properties (A), (B) and (C) amongst me, and my sisters S1 & S2?
Q2. At this point in time, do my two children and those of S1 and S2 also have claim to share in property (A), (B) & (C)? If so, under what Law/ Rules?
Q3. What is suggested process as per law for effecting the above transfers.
Q4 (a). What taxes/ duties are applicable to be paid under which Acts/ Rules
Q4 (b). Who is to pay the taxes/ duties if any as per 4(a) above
Q5. What are the pros and cons of Father creating a WILL for transferring the properties A, B & C vis-à-vis actually undertaking all the transfer process at this point in time?