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asset transfer through sucession

Querist : Anonymous (Querist) 21 December 2009 This query is : Resolved 
Dear sir
My mother is likely to acquire two row houses through sucession of his brother since he expired on april. The query is to understand the valuation since we had paid some money as a bond in the court proceeding based on the paper value in which it was originally
purchased on 1996 thinking that my mother who is the only sister with blood relation and my uncle being unmarried when he expired and she will be acquiring this as a gift.
But now we had got a letter from the collector office in chennai stating that they will be visiting to confirm the value mentioned .
pl give your expert advice if my mother is to acquire the property through gift is it that we have to revalue it as per present value and its locality and pay the defecit amount or what we had initially paid as a bond based on the purchased document is correct pl reply


soumitra basu (Expert) 22 December 2009
It is not correct to say that your mother acquired the property by gift. An expired person can not make a gift.
The property was received by inheritation as provided by law and as pronounced by the court.
Since there was no transfer from your matternal uncle to your mother there cannot be any question of deficit stamp duty as presumed by the collector.
Your mother can mutate his name in record of right through the succession certificate provided by the Court.
The collector has no authority to value the property and take deficit stamp duty from you.

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