Exclusive HOLI Discounts!
Get Courses and Combos at Upto 50% OFF!
Upgrad
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Avinash (asst)     13 January 2011

My father died in 2007, he did not made a will

My father died in 2007, he did not made a will for the house in which my brother and mother are living in delhi. I live in banglore. My brother and mother are calling me to delhi to sign the relingquish dead so that property get transfer to mothers name. I do not have a house to live in bangalore. i need money from my share so that i can buy a new home in bagalore. All of us wants to sell delhi flat. my question is it necessary in order to sell the property i must transfer the property to mothers name then only it can be sold.
 



Learning

 3 Replies

suresh (Advocate)     14 January 2011

Dear Sam,

not required, if you transfer you share to your mother she will become absolute owner of your share, then you will not get what do you want, hence all of you jointly sell to the prospective purchaser and take money of your share.

regards

Suresh.N.V.

1 Like

Avinash (asst)     14 January 2011

Continuing.....as per earlier message. Suresh ji,  another point I wish to mention is,  In 2007, due to my addiction to Alcohol my father disown me, and i do not have the copy of the disownment  paper. It got registered also.  honestly speaking he was right , considering the damage i did to his reputation but as you may be aware of alcoholism it is problem lots of people are facing,  I have come out of it. Since my father did not made a will, by default I am also entitled for 1/3 share for our delhi flat. I came to know of this later on. We also have a flat in pune we are planning to sell to a prospective buyer, my mother and brother gave a stamp paper commitment letter to the buyer, with a price and they gave their sign. they did not call me to sign the stamp paper commitment letter along with them. The house in pune is in my mother’s name. My brother is asking the mother to get the pune flat in his name. and he will let go his right for the delhi flat. Please advice.

Dr. MPS RAMANI Ph.D.[Tech.] (Scientist/Engineer)     16 January 2011

In order to sign the relinguisment deed, you ask for adequate compensation, based on the market value of the property. You wil have to pay stamp duty and the amount you receive will be liable to Capital Gains tax.  But if you use the whole amount to construct a house in 3 years or buy a house in 2 years, you will not be liable to pay Capital Gains Tax. But until the purchase/construction, you will have to deposit in a Capital Gains account with any public sector bank. If you receive the money before March 31st, you will have to deposit it before July 31st and submit income tax returns before July 31st.

On the other hand if they are going to sell the house, you offer to sign the document as a co-owner provided you get your share of the price.

1 Like

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register