The property is on whose name???

The gift cannot be made for consideration (money) if your are asking money than it would constitute sell and then stamp duty for sale has to be paid.

Also it is has to be seen on whose name the house is as if it was in joint name of both parents than on fathers share all children and mother has equal right and in that case all of you can make a relinquish deed in favour of sister.

Also to save tax the amount shall be considered as capital gain and youncan incest it other residential property to get exemption under section 54 income tax act.

Kindly clarify the title of property on whose name.

Please note since you people are three siblings all of you will have equal share in property. If your mother is wanting to divide property equally and you are interested to get property by giving cash to your sister enter into a registered family settlement deed whereby you people mention that who will get what share of property or that your sister agreed to get cash instead of property.

Also if your brother doesn't want share in property ask him to execute a relinquished deed in your favour.

On demise of your father your mother , you abd your siblings have equal share in property

2) your mother , you abd your brother can sell flat to your sister for Rs 50 lakhs

3) it should mention period within which payment is to be made by sister

4) sale deed should be duly stamped and registered

I very well understand the case but can u please tell who has the title of this house as only title holder has the right to sell off or gift

As far ur rates are concerned you can get the same valued by any advocate as per the circle rates fixed by the collector

If any gift is given in blood relations there is no tax liability on any one if sister will be gifted then there will no burdern of tax (note that gift is something which is given out of love and affection) and if you try to charge any money throgh the same it wont stay gift it will change to sale

And there capital gain tax may get attracted to seller purchaser both or just the seller

U need to contact for proper guidance

Hello,

Your question is not very clear. Please clarify as to why you want to gibe 50 lakh to your sister on installments.

Is she relinquishing her share as against the said price of money?

regards

Dear Sir,

Shall I tell you one truth. Any amount of documents with relatives cannot be executed. If you go to the Court to execute the same you have to wait for years together. Adopt the formula of Builder. Ask your relative to pay entire amount by taking bank loan and ask him to pay the emi’s to the bank leisurely. Right. .

This property, if purchased on the name of your father then upon his intestate death the property left behind by him shall devolve equally o all his legal heirs.

His legal heirs consists of his wife and all the children.

The obligation to repay the future loan repayments through EMI shall be the liability of all the legal heirs who would be availing the benefits of the property as a share in it.

Further, there is no tax liability for the inherited property

The tax shall be paid only at the time of selling the property either individually or jointly.

The relinquishment agreement and the loan repayments are internal matter within your family especially it can be decided on mutually agreed conditions among all the legal heirs who have rights for a legitimate share in the property.

There is no legal issue involved in the amicable settlement/arrangements within the family members.

.

Hi,

Even if the house is gifted which has the ownership by all including your sister and mother. The gift will be considered at the value of the property for calculation of capital gains.

The way you are looking is not be working for saving capital gains tax.

1) Your mother can give daughter as gift and it will be charged as 3% stamp duty and registration charges plus as new law.

2) Secondly, your sister can sell property to you and make a sale deed. Among siblings just by transfer of ownership.

respected sir

the best option for u, is to make agreement with ur sister that she has taken ₹50,00,000/ from u time to time. and now she owe debt of ₹50,00,000/ to you. and take post dated cheques from her of the value of installment.

this will be best option, because ur mother is giving this house in gift so u cant claim anything out of that house.

Try to buy an another property from the amount after sale within the period of one year otherwise would have to pay long term capital gain tax.

dear,

In your case,it is not cleared that,whose name this property was.

If it is in your father name then after his death , the property left behind shell devolve equally to all legal heirs of

his family. First of all prepare relinquishment deed i , this deed presented by all the members in your favor.

and if you want to give money to your sister for this deed , then it turns in to a sale and attract capital gain.So

please specify why you are giving money to your sister.

Executing the Registered gift deed and return in instalments is ideal way and also legal remedy in your case.