Inheritance,Relinquish, Registration,Rental,Property Asmt.,
sundar sastri jain
(Querist) 09 June 2014
This query is : Resolved
I inherited ancestral property from my grandfather,my father expired long back, i live with my mother,a brother,a sister and my bhuwaji(My Father's Sister) Total members including me are 5 only.
My father didn't get it registered in his name and as of now it's in my grandfather's name.
All my Bhuwaji requested me as they do not have any financial interest in my ancestral property.
I Now WANT TO GIVE my shops(property inherited) on RENT of 11 Months.
I want to know:-
1.Should THE PROPERTY DOCUMENTS BE REGISTERED IN MY NAME??
2.If via Unregisterd Rental Deeds of 11 months i give it on rent Any Problem IN FUTURE??
3.Income Tax benefits as Tax planning Possible,as 5 Individual Files can be made FURTHER ANY FILES CAN I HAVE LIKE HUF OR TRUST....?
4.Do i have to take No objection from my bhuwajis?
5.If i get Property Registered (Either in my Individual name OR IN NAME OF ALL 5 members as described above para) PROPERTY TAX IMPLICATIONS i.e PROPERTY ASSESSMENT, I LIVE in the state of ANDHRA PRADESH.
I just need your views,as what do i do now,need your guidance, annoyed by my relations, please guide.
Devajyoti Barman
(Expert) 10 June 2014
1. Yes, better get a deed of release registered by your aunt in favour of you. Then make an amicable deed of partition among yourselves.
2. No
3. HUF
4.YES OR FOLLOW REPLY NO.1.
5. Consult a CA.
Rajendra K Goyal
(Expert) 10 June 2014
Agree with the expert Devajyoti Barman ji.
malipeddi jaggarao
(Expert) 10 June 2014
I too agree with the expert advice of Mr.Barman.
Since your grandfather died intestate, his wife, all his children will be legal heirs to inherit property including female members. If the lady legal heirs are willing to relinquish the property in your favour, a reliquishing deed by all other legal heirs in your father is sufficient to establish your title on the property if the deed is registered. If some of them claim the property, a family settlement deed partitioning the shares and narrating the reliquishments if any is to be prepared and got registered. Then you/the other parties who got their shares through such document will become absolute owner/s.
1. Yes, as above.
2. No
3. What is the income of you and other 4 members. Do you people have the income which warrants creation of HUF to avail tax benefits. As you are seeking query about saving of Income Tax, you must have already had a tax consultant who files your IT returns. You can consult him giving full facts.
4. As explained above in the first para.
5. Tax implications are to be sorted out by consulting your tax consultant/CA. Without indicating the income, how we can advise on this aspect.
sundar sastri jain
(Querist) 10 June 2014
Respected Experts,should 1. Relinquish deed & amicable deed of partition be registered Compulsory??
2.Consequences if i directly, Make rental agreement in favour of all 5 legal heir (including me)OTHER THAN MY AUNT and just i take my aunts signature on relinquishment deed i.e unregistered?
3.Is income tax attracted on relinquishment under head Capital Gains?
Sankaranarayanan
(Expert) 10 June 2014
I do agree with experts. better to consult local lawyer and get the suggestion and follow accordingly. First better to change the tile by way of release deed.
ajay sethi
(Expert) 10 June 2014
1) yes relinquishment deed / partition deed has to be duly stamped and registered .
2) first get property transferred in your name and then give premises on leave and licence
T. Kalaiselvan, Advocate
(Expert) 11 June 2014
All the deeds namely relinquishment deed, release deed, partition deed need to be registered to have it valid in law. Therefore, get it registered on your name by any deed whichever is to be executed.
M V Gupta
(Expert) 11 June 2014
On the basis of the facts narrated by you, in my opinion the property is being held by u as Kartha of the HUF, provided u are the eldest male member of the family. You can in ur capacity as Kartha let the property on rent and account for the receipts as income received from house property. U have to file separate return for this income if it is above the exemption limit under the IT Act.You may also take steps to get the property records in the municipality and Revenue Department registered in your name as kartha of HUF. Execution of documents as suggested by the experts may be necessary if u want to partition the property.
adv. rajeev ( rajoo )
(Expert) 14 June 2014
Whether during the life time of your grand father had made any arrangements of his properties.
Whether those properties are self acquired or ancestral properties.
If they are self acquired and transferred to you then you don't have any problem, otherwise all the legal heirs of your grandfather are entitle for equal share, so they have to execute the rights relinquish deed in your favour. Before executing their names should be appeared in the property extract then only they can execute the rights relinquish deed.
