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

Income tax applicability on share of sale of parental property

(Querist) 18 April 2015 This query is : Resolved 
The property in question is not an ancestral property. My father had left a will giving 2/3rd property in my favour but with my mother's life time residential right and 1/3rd in my younger brother's favour with lifetime residential right of my unmarried sister.Later on my mother persuaded me to place her name in the municipal records for the convenience of paying taxes. Now she says that as I have signed the municipal name change application I have lost all rights given in the will. My brother is also not comfortable with this will.
1. Have I lost my rights over the share as prescribed by the will?
2. Can we file for a division suit based on the will?
3. Can we sell the property if any amicable agreement is achieved, like distribution of sale proceeds in three children and mother agrees to live with me without taking any share?
4. Can three children receive cheques in their own names, after such agreement, without creating any Income Tax liability for me or my mother.
Dr J C Vashista (Expert) 19 April 2015
1. No, your share is intact on probation of will.
2. Yes, if it is not demarcated by your father in his will.
3 & 4.. It is between all of you.
Consult tax practitioner.
T. Kalaiselvan, Advocate (Expert) 29 April 2015
You have repeated the same query in another thread, where your query was addressed properly by many experts, you may visit that thread once again for knowing answer to your query.


You need to be the querist or approved LAWyersclub expert to take part in this query .


Click here to login now



Similar Resolved Queries :