Will
Querist :
Anonymous
(Querist) 08 March 2011
This query is : Resolved
Dear Experts,
Kindly advise the benefit of executing the will during lifetime.
Is there any benefit of stamp duty for transfer the property in beneficiery's name,Or only in the case of blood relation, after the death of will executor.
If the property have the title of a mother(widow), who is having only one son and three daughters, whether executing the will is necessory to save the stamp duty and how the property will divide.
In short, I want to know the benefit of stamp duty for trfd.the title to son.
Thanks and Regards
A V Vishal
(Expert) 08 March 2011
Kindly advise the benefit of executing the will during lifetime.
Ans. Before I answer this query in my opinion a will can be executed only by a live person after his death the property is intestate.Intestate means having died without leaving a will or a trust that will instruct how your possessions will be divided among your heirs after you die.
A will (formally known as a "last will and testament") is a legal document that an individual creates during his lifetime. Someone who creates a will is a "testator." The document ideally lays out exactly what the testator wants to happen to all of his assets, including real property, funds, and specific pieces of personal property. Generally, a will also designates an executor. After the testator's death, this executor is legally responsible for distributing the estate as directed by the will.
If the property have the title of a mother(widow), who is having only one son and three daughters, whether executing the will is necessory to save the stamp duty and how the property will divide
Ans. The property will divide as per the will of the testator and in its absence by the personal law regarding succession of the testator.
Querist :
Anonymous
(Querist) 08 March 2011
Dear Mr.Vishal
Thanks for the kind reply, Sir, I want to know whether any benefit of stamp duty will come in the case and what is the procedure to get the transfer of property, and how can get the mutation in local MCD authorities.
A V Vishal
(Expert) 08 March 2011
It is better to consult local lawyers since the rates of stamp duty varies from state to state, however, on inheritance there is no stamp duty. However, since the property is in Delhi, probate is necessary in case of a will and the applicable court fees must be borne.
