Land property of expired wife

vganapathy (Querist) 29 June 2012 This query is : Resolved
My wife had acquired few sites/plots in tamilnadu and andhrapradesh and expired recently without leaving any will. I have two sons.
Now for few reasons I do not want to transfer these to my sons due to their age and employment-which ultimately will be transferred to them at a later date.

What should I do? Go for a Settlement Deed with Renunciation statements by my sons OR is there any other way? What are the financial implications like stampduty etc.

As I am in the high income tax bracket what will be the tax implications?

Please suggest me the least expensive proper transfer procedure.

Than in advance

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Kiran Kumar (Expert) 29 June 2012
since the nature of the property is self acquired property of your wife....so the sons have equal share in the property.

first acquire the Legal Heir certificate and thereafter proceed with the transfer of the property as per law.

Adv.R.P.Chugh (Expert) 29 June 2012
Depends on how your deceased wife came to acquire the property. If she acquired it herself meaning she purchased it. Then you and children get equally. Children can execute registered relinquishment deed to release their share in your favour.

If she got it through her paternal ancestors then in such a case you may not get the property at all in case of no will

ajay sethi (Expert) 29 June 2012
ask the children to execute deed of relinquishment in your favour . get properties transferred in your name .

it is not advisable to have nay property in names of children these days with increasing trend of DV caes.

Shonee Kapoor (Expert) 30 June 2012
The sons can relquish the prop[erty in your name. Also, you can then will the same to your sons.

Regards,

Shonee Kapoor
harassed.by.498a@gmail.com

ashutosh mishra (Expert) 30 June 2012
Your WIFE'S all children share equally along
with you.
You can get from them a relinquishment deed executed and registered in your favor for which duty payable would be cost effective and nominal but can be exactly ascertained from sub-registrar's office in whose jurisdiction property is located.