mother(has 3 sons)acquired property(land) via will. Her sistesr have disputed it which now is litigation in court.
Now, we have decided to do a settlement deed and sell it. My question related to using Family settlement deed to settle the dispute and also create ownership for sons to take the capital gain tax exemption arising from it.
1)Can the settlement deed be made where mother's sister acknowledge the will and also relinquish there right but in favour of my mother and her 3 sons, as we are going pay the sister some money towards the settlement.?
Hope it makes sense. As doing it this way will make my mother's title clear and also 3 son will have right in the property for claiming captial gain tax exemption under section 54.
Please let me know if this can be done. If yes what exact things need to be looked at. If not why? are there any alternative ways it can be done.
