Our ancestral property came down to us from my great grandmother. It should have passed on to her children – my grandfather his brother and sisters 7-8 persons.My grandfather had sons and 2 daughters - all deceased).Some years ago my uncles sold the property w/o anyone’s knowledge since they had the property papers.
The purchaser/builder approached us since he wanted clear rights to the property. However he is not ready to give us a proper sale agreement. He wants all of us to confirm and ratify the earlier agreement. For this, he wants to make separate agreements with each family at my grandfather’s level separately i.e. one each for my grandfathers’ brothers and sisters (7-8 documents)
For my grandfathers daughters families (my mother & aunt are deceased) he wants us to state that “the sisters(my mother & aunt) had orally released their share in favour of their brothers.” “The builder has now approached us to record release and relinquishment of our share to perfect his title” “In consideration of confirming the said Deed and for cooperating with him he will pay is some amount “
He claims this will entitle us to claim benefit of Capital Gains tax. I disagree.
I would appreciate your worthy opinion.
Thank you.
