Unregisted will
Vinod
(Querist) 27 May 2012
This query is : Resolved
Two sisters got property through un registered will. Can this property be sold out further? If yes, then what formalities need to be done.
Do we need to pay capital gain or there willbe no tax as this poroperty will be treated gift from father, who already expired?
Nadeem Qureshi
(Expert) 27 May 2012
Dear Querist
the Will is valid it is registered or un-registered, this property can be sold further but after mutation of the property owner name according to will.
Feel free to call
R.K Nanda
(Expert) 27 May 2012
Agree with expert Nadeem Qureshi.
Raj Kumar Makkad
(Expert) 28 May 2012
If the beneficiaries reside in metropolitan cities then the will is required to be probated and then its mutation is required to be inserted in the relevant record and thereafter the beneficiaries shall become owners of the property and can sell it as per their free will. The matter of probate is optional in other parts of India.
So far as taxation liability is concerned, the property shall be treated as if originally in the hands of the original owner and thus the LCG shall be calculated accordingly on the day of sale.
S Jadhav 98336 98330
(Expert) 29 May 2012
The property can be sold. There is no impediment to sell the property. Please do get the valuation of you property done through a good valuer or gauge the value from the market by asking for quotes.
Please request the buyer to help you in completing the requisite legal formalities as it is in his interest and if he is a builder or a person with adequate means he can use his own legal services.
You will have to calculate the capital gains and if there are capital gains then you require to pay the capital gains tax.
But it appears that the property bought by the father would be long back and the Capital gains would be taken as per the date of purchase by him and you will have to use the indexation.
You can take help of an expert to understand the amount of capital gains,if any or calculate it yourself as it is not very complicated.
Shonee Kapoor
(Expert) 30 May 2012
Nothing left to be added.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
