PrpoertyTransfer to Legal Heirs

Did they own the apartments A and B individually or jointly ie., A on ones name and the B on anothers name, like that or both jointly  in A and B?

Your mother can execute one Settlement deed settling both the properties in favour of you and your sister.  One settlement deed is sufficient to transfer both the properties.  In chennai the maximum stamp charges for settlement deed is around Rs.10,000/- irrespective of the value of the property.  I think stamp charges for settlement deed are relatively lesser than the stamp charges for gift deed (but not sure).  You may verify with the registrar office.

Mr.Krishnaa is absolutely correct go for Gift Setllement deed,no need of any release deed by u and u r sister,will is also an option but it will operate only after u r Mother's demise.so choose the option as per choice.

You said your father and mother are joint owners in both flats., i.e. each of them have undivided 1/2 share in each flat.

After the death of your father, 1/2 share belonged to your father would devolve upon his legal heirs equally.

Then in each flat, your mother has 2/3 share;   You have 1/6 share ; Your sister has 1/6 share

Your mother can execute settlement/will in respect of her 2/3 share only. In any case, you and your sister will have 1/6 share in each flat. Therefore to becaome absolute owner each of you have to release undivided 1/6 share in favour of other is required.

//1) Is it better to have a WILL or use a GIFT deed now? In case of GIFT DEED what will be the stamp duty charges?//

In case of will title will be transfered after the life time of your mother. There is no stamp duty charged for execution will.

In case of gift deed, title will be transfered immediatly. Stamp duty is 1% of the value of the property, subject to the maximum of Rs.10,000/- 

You said the property is situated in chennai, then in case of WILL it has to be probatated by paying court fee.  You can choose any option according your requirement.

//2)    Would a WILL alone suffice without having to draw up a settlement or a release deed? Using the WILL later on can I and my sister register one apartment each in our name?//

WILL alone is sufficient to prove the succession but it has to be probated in a court as the property is in Chennai. After probate, You both can partition the flats, one flat to each. Partition deed has to be registered.

//3)    If I create a release deed for Apt A and my sister creates a release deed for Apt B, will it be okay? And then it my mother can bequeath Apt A to my sister and B to me in the WILL. Or   Can my sister and I cerate one settlement deed favoring my mother for both apartments and then the WILL can be drawn.//

YES. It would be right to execute release deed by you and by your sister in favour of other and then your mother can execute gift so that each of you will get absolute title.

Settlement deed byyou infavourof your mother is not advisable
 
//4)    Which option will attract less stamp duty and other charges? How is the stamp duty calculated in the case of a Release deed, settlement deed and Gift deed?//
 

Stamp duty for release/settlement/gift are same.

Thanks very much for the resposnes.

Yes Mr. Gundlapallis the tile of both apartments contain both my father's and mother’s name

we are five absolute legal heirs of our late father the document of his landed property is in his name only our late mother also expired long back late mother sworned an affidavit before the Addl Judge duling incorporating herself as legally wedded wife prior to release of her family pension from the department and other five living heirs is it necessary to obtain legal heir succession certificate Father's death took place is bangalore and my eldest brother first legal heir is in chennai Kindly indicate whether first living heir has to obtain succession certificate or any one of the four legal heir(s) can apply for it

kindly tender advise

As far landed properties are concerned, succession certificate is not required.

Any one of the legal heir can apply and obtain Legal Heirship certificate from the Revenue Office and on the basis of such certificate, entries in revenue records can be mutated in joint name of 5 brothers. 

Sir,

  With regard to my query above is the stamp duty charges based on each property or document? For example if my mother executes a settlement deed for 2 apartments will the stamp duty be Rs.10,000 + Rs.10,000? Is this the same for Gift deed as well?

Also if I and my sister execute release deeds for one apartment each will there again be Rs.10,000 stamp duty for each apartment?

Regards

Sir

Good Evening

         Kindly enlighten ancestral property in legal terms and in case who are eligible within the family and also indicate whether anyother person who is not absolute living heir can execute in favour his wife without the signature of the original title holder landed properties whose demise took place way back in January 1987 As on date the documents in favour of original title holder of the properties

Thanks

S Viswanatha Rao