Sir, my father got property share plot from my grandmother. i build a house for him on my own expense and look after him until his death. my father transferred the property in my name before death. i have three brothers and one sister. i want to sell this property. my brothers and sister are asking share of the sale deed or their share in the property. please guide me if i will be sole owner of the property or will have to share it with my brothers and sister.
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if i had to share the sale deed amount what wiil be the tax implications on long term capital gain. how can I show in IT return that I have deposited share amount to their account
Since father has executed gift deed in your favour duly stamped and registered you would be absolute owner of the property
2) you don't have to give any share in sale proceeds to your siblings
3) your siblings ought to have filed suit to set aside gift deed on grounds of undue influence or coercion which they have not done
4)you have not mentioned how your father got property share of plot from grand mother . The source of funds for purchase of property by grand mother . Kindly clarify
If this property was duly transferred by you father to you, by means of a will or a gift deed, there is no need to for you to take the consent of your brothers and sisters before selling this property. You are absolute owners and there is no fetters on your right to sell of this property.
1. This proeprty gifted by your father was his self acquired proeprty and hence he could deal with it in any manner he wishes.
2.SOthe gift deed he made in your favour is very much valid and nobody can challenge it.
3.Now it is your option whether you want to part with any money while selling this proeprty.
Do note that you are not under any legal binding to part with any money with your siblings.
Sir , your siblings cannot claim their share legally in the property .. You have the ownership and can make sale deed in full capacity ..
You have stated that your father transferred the property in your favour during his lifetime but whether it was by a registered deed or unregistered deed is not known.
If the transfer was made by a registered document then the claim by your sister or anyone is not maintainable.
You can defend your interests properly
You don't have to share the sale consideration amount if the property was transferred to your name by a registered deed.
The LTCG shall be proportional to the gains received by each individual.
1. On inheritance from your grandfather this property became the separate property of your father, which is at par with self acquired property and which can be sold/bequeathed by him in the same manner as self acquired property,
2. It is not clear as to through which instrument your father transferred the property to you, but if the instrument has been validly executed i.e the deed is registered and stamped then title has absolutely transferred to you. Your siblings have no share in the property.
