Transfer of property
PAWAN
(Querist) 28 September 2015
This query is : Resolved
My friend's mother died intestate leaving four sons and four daughters . She had a commercial property in her name in a town of punjab, the property is in lal lakir. Two sons had already got their share of property thro written agreement years ago. How the property would be transferred to the heirs?
vswaminathan
(Expert) 29 September 2015
To share with tax experts' group,in field practice,inviting to mindfully consider and take on the tax related problem focused on below, with the Revenue for resolution,for the common good:
Apart from the querist's poser wrt transfer/ distribution of the 'commercial property' to the heirs,that calls for a related poser to which an answer would have had or has to be first found . That is,if were to be briefly indicated, concerning filing of a tax return of income, if any, of the 'estate' of deceased, to date of 'distribution'.
The answer thereto cannot be easily found,should one bear in mind the presently governing 'rule 'framed by the tax authority on the requirement/precondition of 'registration of LH'. For a dilation of the envisaged problem, the points of view brought to focus , as shared in public domain- websites / Facebook may be looked up.
Say,Here @Taxguru.com (link)
51 Suggestions On E-filling Of Tax Audit Report (TAR) & Income Tax Return
Rajendra K Goyal
(Expert) 29 September 2015
The property would be inherited equally by all the legal heirs.
P. Venu
(Expert) 30 September 2015
"Two sons had already got their share of property thro written agreement years ago." Please clarify.
T. Kalaiselvan, Advocate
(Expert) 04 October 2015
If this property was your friends own property which she left intestate upon her death, this property will devolve equally upon all the legal heirs irrespective of any heir already taken a share in another property or not.
vswaminathan
(Expert) 06 October 2015
Without having to obliging self to go into the merits or otherwise of the already posted Experts' comments, out of sheer compassion for the legal fraternity, also driven by own passion to get enlightened but me with no competence or field experience on such controversial matters, wish to simply draw the attention of one and all to the couple of material seemingly having contextual relevance herein; may look up (Links) @
Equal rights of daughters to ancestral property remains: HC ...
Hindu Succession Act : Girls born before 2005 law change ...
So far as my limited knowledge goes,- subject to correction by the Experts if me were wrong- the property rights of 'successors'/ 'legal heirs' to a deceased' s 'estate' are governed by the 'personal law' of the deceased; and if he/she be a 'Hindu' the above referred Act will apply.
Needs to be specially noted, - the cited case is of the Karnataka HC ; and as such,strictly speaking, it may not be taken to have finally and conclusively settled the surrounding controversies, until such time the likely event of apex court's judgment happens to have been delivered.
To be likewise noted, - the cited HC verdict, in terms having a retrospective effect, might impact the actual factual events of succession already taken place, and depending on facts and circumstances on a case to case basis,lead to adverse consequences. For a better appreciation of the point made, the adverse consequences in tax regime that retrospective legislative amendments of any tax or other law historically made have brought into being are to be focused on.
