Parin 18 May 2016

Guidance for distribution of property after death

Dear Experts,

I have bought a rediential flat in co-op hsg soc in Mulund area of Mumbai. There are 3 co owners in the property viz Myself, my wife and my grandmother and all the 3 co owners are also the applicants in the home loan availed for the purchase of this property. All three of us have equal share in the property.

Now as the age of my grand mother is 84, I want to make sure that there are no legal complications after unfortunate event of her demise.

My grandmother has 5 childrens, 3 daughters who are married and 2 sons out of which one has passed away (my father) and only one is alive.

I request if someone could guide me to make my case clear so that there is no hassle from any of the legal heirs of my grandmother.

Also, do let me know if I need to furnish any more info for better understanding of the situation.

Thanks in advance

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4 Replies

Kumar Doab (FIN) 18 May 2016

Which personal law applies to the Lady e.g; Hindu Succession laws.

As per the prevailing option she may register a valid deed in her life time e.g; relinquishment/release/transfer/sale/gift etc .....................and even WILL.

The WILL may preferably be registered and let a doctor (preferably specialist from Govt/medical collget) certifiy that she is mentally sound.

In Mumbai it is mandatory to probate the WILL.

You may inquire the charges and implications locally of all options and choose the most suitable.

Your counsel can draft an suitable deed for you.

saravanan s (legal advisor) 18 May 2016

It is better to do something as adv Kumar had suggested because if the grandmother dies intestate then it will lead to lot of problems as all her children will become legal heirs for her share

Parin 19 May 2016

Thanks for your reply. Is it possible to execute a gift deed on a property on which home loan is availed. As far as I understand there is mortgage created by home loan lender on the property. Request you to guide on how to go about the gift deed ? Also any idea about the stamp duty applicable on gift deed. I have also enquired in the lender bank Bt they are yet to comeback on the same.