Probate

Querist : Anonymous (Querist) 19 December 2011 This query is : Resolved
In will clearly written -I devise and bequeath all my said estate and effects unto my trustees upon trust to sell,call in and convert into mony and to be utilize
in the form of a commemorative capital donation to trust on the condition that a suitable segment thereof shall bear the my name.

1.Please explain me exact meaning.
2. can executor transfer all property to trust without convert into mony?
3.If convert into money,estate have to pay capital gain tax.

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ajay sethi (Expert) 19 December 2011
the testaor want on his death that a trust be created . the trustees for said purpose can sell the property of testator and with the amount received set up intial corpus of the trust .

the condition is that turt so created should bear the name of testaor

Raj Kumar Makkad (Expert) 19 December 2011
The desire of the testator is very clear in the given will. He wants that trust be set up in his name after his death wherein the trustees have been given right to sell off the properties (scheduled property of will) and to utilize the amount so derived for the benefit of trust.

So far as the liability of tax is concerned, nothing has been opined in the will so even if the same is attracted, it shall be paid out of sale proceeds.

Querist : Anonymous (Querist) 20 December 2011
Testator wanted to donate his property to exiting trust.(he not maintion to form a new trust of his name)

Querist : Anonymous (Querist) 20 December 2011
Can excutor transfer imovable property without stampduty and registration charges to said trust.

prabhakar singh (Expert) 20 December 2011
Yes! by a Will it is a valid transfer even without payment of stamp duty and without registration.

Querist : Anonymous (Querist) 20 December 2011
But expert Prabhakarji some time I read supreme court special leave petition no 13917 of 2009 that immovable property can be transferred only by a registered deed of conveyance.Transaction of the natureof SA/GPA/WILL tranfer do not convey title.the court will not trat such transaction as completed or concluded transfers,these kind of certain transfer to avoid payment of
stamp duty,registration and capital gain.

In this present case excutor transfer propert to third party Trust( not a family Trust) is it legal probate clearly say that to cell property and convert into mony.
why excutor tranfer the property without convert in to money?

Please reply.

What happen experts nobody reply?
Thanks

Querist : Anonymous (Querist) 22 December 2011
I am expects more views from experts please

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