My parents jointly owned the property and I am the only nominee, with my name added as the associate member before my fathers demise. Now after my fathers death in 2013, [1] do I become the joint owner of the property with my mother ]2] Can she gift-deed her share to me and make me sole owner of the property if my other siblings have no objection, since they are all out of the country. What are the legal procedures involved to make me the sole owner so the property can be sold in the future
1. No, you do not automatically become the joint owner. You become the joint owner only once all the other legal heirs of your deceased father relinquish their in interest in the 1/2 share of your father, in your favour.
2. Yes, she will have to execute this gift deed and the she, along with your other brothers and sisters will have to relinquish their receptive claim/shares in your favour. Once this done, you are free to sell-off the entire property.
Yes you can be made the sole owner of the property.
Get it transferred to your name by normal procedure of property transfer at local authorities.
Thank You
1) No, you are not joint owner. But only nominee. Your other siblings are also legal heirs of your father's share.
2) If the property is purchased jointly between your parents, they both have 50-50% share each means, your father's share will be equally distributed among mother and all children. So your mother's 50% + share in father share she can transfer or gift to you. And other siblings can transfer their rights, as per transfer of rights once their names are registered in property card.
As you are the only heir and being your parent's joint property, you have vested rights in the property. As a co-owner your mother can execute a gift deed duly stamped and registered in your favour. However, be informed that if you get married, your mother will be in trouble, therefore, make provision for her before executing a gift deed.
A gift deed can be registered in the registrar office where the property is located.
Not gift deed. But she can relinquish her share upon you. That will be a convenient procedure for you.
Relinquishment deed will be registered and then you will become the sole owner of the property.
Regards
1) nominee is only trustee for legal heirs
2) society can transfer father 50 share of flat in your name based on nomination made by your deceased father
3) mother can execute gift deed of her share of flat in your name
4) consent of siblings would not be required fir mother to execute gift deed in your favour
If the property is self acquired by mother then she may do it. But any ancestral property share is equally available to all the hairs.
For the gift by mother to you is free without any objection but any inherent share gon to mother will also have the share to all your siblings and their NOC will be needed for such a GIFT.
Hello
1) By being a nominee, you do not become a joint owner of the property along withthe mother excluding the other legal heirs that are your siblings.
2) The fact is that if your father did not leave behind a WILL , your mother being a joint owner will have with one equal share with all of you children in the 50% that belonged to your father. Your mother has the authority to transfer by Gift Deed or any other form of transfer only 50% of her portion and whatever she inherits from her husband's portion.
3) If your siblings have no objection to the property being transferred in your name, they have to reduce that into writing by way of a Deed of Relinquishment..
4) If your mother is making a Gift Transfer the others have to sign as consenting parties relinquishing their respective rights.
Associate Member is a concept for the society or association alone.
It will not mean that you become the joint owner of the property.
The property is owned jointly by your parents who have purchased the property by a registered sale deed.
The registered sale deed is the title document.
Since your name is not in the title document, you cannot claim tittle to the property and the associate membership in the society cannot entitle you to own the share of your property.
The share of your father in the property, who is reported to have died intestate, shall devolve equally on all his legal heirs, i.e., your mother, you and your siblings.
If you want to own the property entirely by yourself, then your mother has to first execute a registered gift deed in respect of her share in the property and after that your mother with all your siblings should execute a registered release deed relinquishing their rights in your father's share of property in your favor.
Mere NOC from your mothe and siblings will not be sufficient to make you the absolute owner of the entire property.
You have to follow the above suggested steps to acquire the property on your name to become an absolute owner of the entire property.
Thank you for your kind responses. Since my mother and sibblings are spread across the US and Canada with little opportunity to return to India and no more Indian citizens 1) how do they go about pursuing the deed of relinquishment? 2) What are the taxes/duties due at time of registration of the transfer to me? 3) What are the tax implications on the sale of the property for me in India and upon my imminent migration to the US? Please advise regarding ways to reduce/minimize taxation?
1) you have to registered their all name in property card as a legal heirs.
2) After that the transfer of ownership deed can take place and transfer the property on your name.
3) the property sold will be taxable under capital gain tax.
For further details please call via consultation call.
Your siblings can execute power of attorney in favour of family member to execute relinquishment deed
2) POA should be attested before Indian consulate
3) stamp duty has to be paid as per stamp duty act of state where property is situated
4) sale of property would attract long term capital gains as period for which your father held property would also be taken into account
1. After your father's demise, if he died intestate, his share in the property has devolved through succession on his Class 1 heirs i.e widow and all children equally.
2. In so far as the share of your mother i.e her 50% share and the share of your father that devolved on her after her husband's demise is concerned, she is free to gift her share to anyone she desires by executing a gift deed.
3. Your mother can gift only her share, not beyond it.
Since your mother and siblings are based out of US and Canada they may execute a GPA in favour of a blood relative in India to authorise the execution of the gift deed for and on their behalf. The said GPA has to be attested at Indian Consulate.
1. They can give a special power of attorney deed duly notarized by a notary of that country where they currently reside, in favor of a trust worthy relative back in India to execute the registered release deed relinquishing their rights in the property on their behalf.
The power agent will get the POA deed registered on his name with the local registrar and can execute a joint or independent registered release deed.
2. There are not taxes payable for this transfer however the stamp duty on release deed as applicable in your state shall be payable besides registration charges.
3. The property sale proceeds will attract capital gains tax, computation of the same shall be based on the date of original purchase by the original title holder.
1. you are not the owner of the flat but the nominee though in a matter Supreme Court has passed judgement that the Nominee will become the owner of the flat in absence of any other document contrary to the said nomination.
2. It will be prudent on your part to get a gift deed registered by your mother in your favour in connection with her share of the flat and also get a settlement deed registered by all the legal heirs of your father iun connection with his 50% share of the flat in your favour.
3. The above process will make you absolute owner of the said flat.
1. To execute deed of relinquishment nationality if the party is of little consideration.
2. If the party can't travel to India he can make a notarised POA sitting in abroad on which basis the poa holder can represent the poa holder for relinquishing his share.
1. Since all are scattered all over the world, you shall have to send them the original Gift Deed and also the settlement deeds to be individually signed by them before the appropriate officer of their local Indian Consulate who also will notarise the said deeds and then get those deeds back to you and get those deeds validated by registering before the Collector in India.
2. You shall have to pay for the appropriate stamp duty and registration fees for registering all those deeds as directed by the Collector.
3.There will be no Income tax for inheriting properties but you shall have to pay capital gain tax if the value of the property inherited stands to be less than the amount at which you have sold it later on or the market value of the said property as assessed by the Registrar.
Share of you father shall inherited by all the legal heirs.
1. Yes
2. Yes
Second Q.
1. Not clear.spell out what you actually mean.
2. Depends from state to state.
3. These will depend on the amount of sale.
