Sale of inherited house

Partha Chattopadhyay (Querist) 24 May 2018 This query is : Resolved
We are the five heirs having undivided share of a house inherited from our deceased father who passed away in 1972. Now, four of us want to sell our individual shares (80% --- with 20% for each) of the house against a considered amount from the buyer. My query is whether this idea is free from any legal complications since we would like to pay our capital gains tax as per IT provisions.

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Ms.Usha Kapoor (Expert) 26 May 2018
Yes! each of 4 persons can sell 80% or 1/5 th each to buyers and enjoy sale proceeds. You've full rights to sell your undivided property comprising 1/5 th share each.

Ms.Usha Kapoor (Expert) 26 May 2018
You offer your shares first to your undivided family member as his preemptive right and if he refuses to buy then go to outsiders for sale.

Partha Chattopadhyay (Querist) 26 May 2018
Thanks Ms Kapoor for your considered views.

Hemant Agarwal (Expert) 01 June 2018
1. Since Property is held jointly by FIVE family members, it will be classified as Joint Undivided property. Any ratio /part of such property CANNOT be sold, without first executing a registered Partition Deed, more so to non-family members.

2. HOWEVER, the four parts can be sold to the Fifth family member, WITHOUT any Partition Deed, by just simply executing a Family Settlement Deed or a Gift Deed., without physical division of the property.

Keep Smiling .... Hemant Agarwal

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