• Gifting of Inherited property

Hi, My father passed away in 2009 and left behind a house in his name. He was survived by my grandmother, my mother,myself and my younger brother of which my grandmother passed away in 2018. The legal heir certificate mentions all of our four names. The house is still in my fathers name and was bought in 1990 in Tamilandu. Now we have decided to sell the house and my mother and brother have expressed their wish to relinquish their share towards me. I intend to utilize the proceeds from the sale of the house to prepay my housing loan jointly owned by me and my wife who is a homemaker.

Me and my mother reside together in India while my brother is an NRI.

Kindly advise the procedure i should follow in an effective legal way to pay the minimal taxes. 

Thanks
Asked 6 years ago in Property Law
Religion: Hindu

2 answers received in 30 minutes.

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13 Answers

See first get the property mutated in your names by making an application before municipal authorities along with death certificate of your father , an affidavit and family rasan card and other documents . Once it is mutated in your names your mother and brother can relinquish there right in your favour vide a relinquishment deed which is required to be registered and stamp duty is to be paid.

Then after there NOC and relinquishment deed file for mutation of the property in our name once property is mutated solely in your name in the Municipal / revenue Records you can sale the property.

alternatively in my opinion if the your motive is to sale the property only with minimal cost then get property mutated name of your mother brother and yours and taken a power of attorney from mother and brother to sale the property. by this POA you will easily sale and register the property this way you save the stamp duty and time on the relinquishment deed, further in this if your NRI brother is also not available in India he can make POA from foreign country and can send.

Shubham Jhajharia
Advocate, Ahmedabad
25514 Answers
179 Consultations

5.0 on 5.0

Dear Client,

GM has 1/4th share in your father property. Apply for legal heir certificate of grand mother.

Or execute relinquishment deed, attaching LHC and death certificate of GM.

Presence of Brother will require or he can execute POA at Indian consulate in mother name to act on his behalf,

Yogendra Singh Rajawat
Advocate, Jaipur
22596 Answers
31 Consultations

4.4 on 5.0

1. you have 1/3rd share in the property

2. your mother and brother can execute a joint release deed in your favour thereby releasing their respective 1/3rd share to you

3. get the release deed stamped and registered

4. then apply for mutation of your name by using the death certificate of your father. grandmother and the joint release deed

5. alternately you can have your name, your brother and mother's names mutated for the property

6. thereafter all 3 of you can enter into a sale agreement with the purchaser

7. in that you will be the vendor and your mother and brother will be confirming parties

8. the purchaser will pay the consideration to you and this will be confirmed by your mother and brother who will be parties to the sale document

9. your brother can make a power of attorney in your favour for the above purpose since he wont be available in India for the document work

10. the power of attorney has to be signed before the indian consulate/embassy in the foreign country where your brother resides presently

Yusuf Rampurawala
Advocate, Mumbai
7485 Answers
79 Consultations

5.0 on 5.0

Before selling out property get Relinquishment Deed executed in your favour from your mother and brother. This will make sole owner of the property or you can jointly sell the property, in that you should separately get executed Memorandum of understanding between you, your mother and brother that sale proceeds will be utilised by you solely and they will not claim any right over the same.

Ujwal Rajan Phasate
Advocate, Nagpur
37 Answers
4 Consultations

5.0 on 5.0

Your brother can execute relinquishment deed or gift deed for his one third share in property

2) gift deed or relinquishment deed should be duly stamped and registered

3) you can sell house and use sale proceeds to repay housing loan taken in your name and that of your wife

Ajay Sethi
Advocate, Mumbai
94523 Answers
7486 Consultations

5.0 on 5.0

Dear,

You have 2 option's-

Power Of Attorney- Execute power of attorney in favoure of you through mother and brother,

with this you get authority to sell property.

Gift deed- With gift deed your mother and brother transfer their right in favour of you.

Tarun Agarwal
Advocate, Jaipur
769 Answers
3 Consultations

4.9 on 5.0

If you want to sell the house property then there's no necessity to follow the round about procedure to get a registered release deed in your favor first and then sell it.

Instead you all can sell it jointly.

You can utilize the funds so augmented for any purpose as per your will and wish.

T Kalaiselvan
Advocate, Vellore
84722 Answers
2172 Consultations

5.0 on 5.0

Though there is no fixed format you can refer the poa in link and can get POA drafters from legal practitioner.

http://www.advocatekhoj.com/library/agreements/powerofattorney/2.php

Shubham Jhajharia
Advocate, Ahmedabad
25514 Answers
179 Consultations

5.0 on 5.0

Specific power of attorney has to be executed by your brother and mother in your favour

Format depends upon facts of each case

Get it drafted by Lawyer

Ajay Sethi
Advocate, Mumbai
94523 Answers
7486 Consultations

5.0 on 5.0

Dear Sir,

Your idea is correct regarding tax savings you may kindly contact Chartered Accountant.

Kishan Dutt Kalaskar
Advocate, Bangalore
6135 Answers
483 Consultations

4.8 on 5.0

Dear,

For this please go to any local lawyer,he can all the things for you.

From start to end and it is easily available online also.

Tarun Agarwal
Advocate, Jaipur
769 Answers
3 Consultations

4.9 on 5.0

Yes you can engage the services of any advocate for this purpose

T Kalaiselvan
Advocate, Vellore
84722 Answers
2172 Consultations

5.0 on 5.0

HI Can i request to have a copy of the power of attorney format that my brother and mother would need to give in my name to execute the sale of the property ??

Yes

Siddharth Jain
Advocate, New Delhi
6303 Answers
102 Consultations

5.0 on 5.0

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