Dear Sir/ Madam,
My father owned a flat but had not made any will &/or testament & had died intestate. My mother, myself and my sister are the 3 legal hairs each having 1/3 rd share in the flat. Myself and my sister had given no objection to my mother’s name being put as the heir for the flat. Hence, my mother is now the member of the society and her name is on the share certificate.
Now, my mother has consented to giving her 1/3 rd share to me through a WILL. My sister would like to get a monetary contribution from me before giving her consent to transfer the flat on my name. I have following queries.
1. Can my sister execute a gift deed or does she have to execute a release deed? Please note that the stamp duty on gift deed is 2% as compared to the release deed which is 5%. Hence, she would prefer to execute a gift deed. My question: Is it legally sustainable or can the society take objection to the gift deed?
2. Can I compensate my sister for her 1/3rd share on the basis of the property ready reckoner rate chart of the year 2012. Can this be considered as a benchmark and is this the legal way to compensate?
3. Will the WILL that has been registered and executed by my mother sufficient to transfer the flat on my name? Will the society accept the WILL as is or can they ask for a probate? If they ask for a probate, would you advise me getting the gift deed executed from my mother right away to avoid the hassle of a probate at a later date which I understand is a very time consuming and much more expensive?