Hi, My father had 4 properties in Tamil Nadu in 3 cities (outside Chennai) . He expired and now we are 5 legal heirs. (Mother and 4 children) I understand we have to make a family settlement agreement and register the documents. Question: 1. Can we sign family agreement in Chennai, what is the process? What documentation is needed? 2. I also understand that we have to register it the agreement and stamp duty is applicable. The guidance value of properties are 2 Cr. (apprx) . How much stamp duty payable? 3. To save tax can we transfer all property to Mother and later she can gift it to us?
1. A family settlement has to be made and registered for all properties , stamp.duty as per value of the properties is required to be paid.
2. The local sub- registrar office the officer shall give valuation as per state schedule.
3. In that case stamp duty shall be applicable twice as of now on relinquishment deed and then on gift further on inheritance there is no tax.
deed of family settlement has to be executed mention the name of legal heirs , list of properties standing in name of deceased father , division of properties among the legal heirs
2) stamp duty is state subject varies from state to state
3) you can relinquish your shares in properties in name of mother if you so desire
4) mother can execute will bequeathing properties to you or execute gift deed during her lifetime
1) To register legal heirs name of said deceased on property papers is not required any stamp duty or registration charges.
2) You have to simply make application on your mother's name and mention all legal heirs name in that application, along with all details identity, deceased and legal heirs, relationship with deceased proof, death certificate, property papers, all tax receipts of property paid till death etc.
3) You have to submit this application in respective municipal and gram Panchayat office.
Dear Client,
Partition deed will execute and will register where properties exits. Not in Chennai, 6% stamp duty on 3/4rd rate and 4% of 1/4th.
Oral partition valid, no need any registration.
3. To save tax can we transfer all property to Mother and later she can gift it to us? -- Release deed will execute 1.5% stamp duty, than on gift deed 4 % duty, Same thing,
if she will execute WILL than after demise, no stamp duty payable,
1. Since FSD is a settlement document executed between Family members, it should be without any monetary considerations.
2. In above circumstances, Stamp Duty would be 1000/- and Registration Fees would be 1000/- (provided it is without monetary consideration)
3. In lieu of the above, ALL the residual legal heirs can jointly execute and benefit from the above, and transfer property in their names.
You can sign agreement in Chennai there is no problem as such and you can register your family settlement agreement in the jurisdiction area of your property and file your partition suit in the Chennai court as most of the parties are living in Chennai so there is no problem as such and Chennai court having jurisdiction to decide the partition suit.
For registration of family settlement deed the very nominal Court fees is paid on the basis of the value of the property market value is not considered in this case your local registration office will inform you the exact amount of registration stamp duty paper for registration of the property and this registration will also set off any stamp duty payable on the partition suit
Dear Sir,
It all depends according to State stamp duty rules. If NOC is given by all the siblings it can be transferred in the name of your mother and later it can be gifted away by her.
You can execute a registered partition deed. Yes registration is compulsory. Even if you register you will encounter stamp duty abd registration charges for gift deed too
1. A family arrangement or a partition deed based on the mutually agreed conditions among all the shareholders can be prepared at your home in Chennai itself. The documents required are, the original registered title documents standing on your deceased father's name, his death certificate, legal heirship certificate and other identity proofs of all the shareholders, besides these, you may be required to produce any other document which will be informed by your document writer..
2. The details of quantum of stamp duty payable may be enquired from the local registrar's office, it should be around 11%, but for partition deed, it may be lesser than this.
3. In the family arrangement or partition deed there is no tax payable by anyone. Only if you would like to sell the share of your property then the long term capital gains tax is payable as applicable. Therefore dont do a round about job and make it more complicated when you can solve the issue in a simple manner that too now itself
