My father gave me an office space, plus a third of a plotted house, to me and my two sisters. We want to sell them. Can we sell these on the basis of ownership of the will or do we have to get the ownership transferred in our name? In the latter case, will it attract any registration fee or any other charges? What is the most economical way in which a Will can be registered? – VN Anand
The properties will be transferred in the name of the beneficiaries as per the terms of the will after it is examined or executed through a process required by law. You and your siblings (beneficiaries) cannot sell any will without the ownership of the respective assets. Stamp duty is not levied in case of receipt of any property on the basis of a Will. However, when you sell it, the buyer has to pay the stamp duty to get it transferred and registered in his name. The registration fee and stamp duty duty for the Will is prescribed by statute and is to be paid as per the applicable rates. However, one can negotiate the professional fee to be paid to the lawyer.
I am a joint owner of a property with my husband. The property was bought with their money as I am a housewife. What will be the nature of the property if he dies before me or I pre-deceased him? – sumi
If the deed of property does not contain any special provision regarding disposal of the shares of a joint holder or any conflict therein with the general rule, the settlement shall be executed by following the respective rules. succession Law in case of intestate death of joint holder. In the case of a Hindu male, the property shares (50% by default) equally shall be Class I. will be transferred to legal heir of the deceased These include the mother, widow and children of the deceased. In the case of a Hindu woman, the property shares (50% by default) shall devolve equally to the Class I legal heirs of the deceased. These include husband and children.
My father has some ancestral property but I do not want any share in it. How can I leave this asset while my father is alive? – Adarsh ​​Patel
A person can voluntarily assign his right or interest in the ancestral property in favor of a specific family member or in general, or relinquish his right or interest by giving a No Objection Certificate (NOC) in favor of other members.
Disclaimer: The responses are based on limited facts provided by the questions. It is advisable to consult a legal practitioner after furnishing the complete facts and documents. The responses should not be construed as legal advice in any way.