valuation of the property
Querist :
Anonymous
(Querist) 07 March 2011
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
R.Ramachandran
(Expert) 08 March 2011
Be very clear in your query.
You say that your mother's brother (an unmarried person) has died and hence his properties will come to your mother being the Class-II heir of the deceased person.
I assume that there are no other Class-II heirs of your uncle - i.e. his father, mother, other brother/sister etc.
If that be so, the question getting the property through GIFT does not at all arise. IN FACT, AS PER HINDU SUCCESSION ACT, the property of the deceased brother of your mother would automatically be entitled to receive the property being the only available Class-II heir. Therefore, I am unable to understand the question of 'acquiring this as Gift' etc. Do you mean to say that there were some other claimants for the property, necessitating approaching the Court of Law? Please clarify the correct position.
