We have inherited a property in Mumbai. One of the legal heirs has been asking for his share. We have mutually decided to give them their respective share. However the receipient legal heir is a US Citizen and we have to remit the money in USD to their respective bank accounts. What type of document should be signed so that no future litigation arises. Also please tell us the process of the same. Thanks. PG.
Yes, it is by way of a deed of family settlement only. The document shall be required to be executed by all family member co-sharers, duly attested by two independent witnesses. The document must contain the details of remitance in USD amongst other details of share of rest
co-sharers. Registration though not compulsory, is preferable. Ad velorem stamp duty not required. Take advise of a taxation lawyer too.