There was a vacant residential land in my father's name (Late) , which has been sold recently by his legal heirs ( his Wife & Son), and the sale deed is executed by both of his legal heirs. Can the son now renounce his share of the sale proceeds (50%) to his mother, so that she can use the entire sale proceeds to purchase a new property in her name only ? If yes , what is the procedure to be followed for the same ?
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1. Since the sale deed has already been executed by the mother and son and have also received the proceeds, the son can gift the proceeds received in favour of his mother by executing a Family Settlement Deed alongwith the gift money through DD.
2. By this way the mother can use the entire sale proceeds to buy a new property in her name.
Son can gift his consideration share to mother through gift deed a notarised gift deed for consideration can be made from which mother can purchase the property
He can execute a registered relinquishment deed for the same
1) Son can make relinquish deed on her mother name and then sell the property as per her wish.
Son can gift the 50 per cent of sale proceeds received by him to his mother
2) gift deed can be executed by son
Yes
Son can simply transfer his share in sale proceeds to his mother by crediting her account and showing this amount as a gift in his books of account
There's no question of renouncing or relinquishing his rights in the property at this stage when the property has already been sold.
However he can execute a gift deed gifting away his share in the sale proceeds or consideration amount in favor of his mother.
1. Let the Son make a proper Gift of his share to his mother. This will be helpful in the income tax returns too.
Keep Smiling .... Hemant Agarwal
Hello,
you may give the said amount to her as a gift and thereupon she can use the full amount to purchase a property.
regards
Dear Sir,
Yes, you can execute registered relinquishment deed relinquishing your share in favor of your mother and get absolved.
Dear Client,
You can gift her that amount or can show contribution in purchase of new property in her name.
1. The son is free to gift the sale proceeds to his mother.
2. Alternatively, the son and mother can pool their respective share of sale proceeds in a joint pool and the sale deed can be executed in favour of mother.
