What do you mean not clear ?
Will is effective after death. Duly execute the WILL , attested by 2 witnesses.
yet recorded in court ??????
Get it registered at sub registrar office. No tax liability except house tax.
My grandmother wishes and will is that her property is transferred to her granddaughter upon her death. Her will is not yet recorded in court. What is the best way to prepared to limit liability to the granddaughter via taxes? Should we create a trust? Transfer before death? We also learned that years ago my grandmother put her granddaughter on the land title or deed? I don't know if that's what its called.
What do you mean not clear ?
Will is effective after death. Duly execute the WILL , attested by 2 witnesses.
yet recorded in court ??????
Get it registered at sub registrar office. No tax liability except house tax.
It appears that grandmother has executed gift deed in favour of grand daughter
2) as such name of grand daughter is reflected in revenue records
3) grand mother cannot execute will if she has already transferred property in name of grand daughter
4) will has to be attested by 2 witnesses
5) registration of will is optional
Dear Sir,
The right may be either absolute or conditional, and the property may be movable or immovable, present or future. Such a transfer can be made orally, unless a transfer in writing is specifically required under any law. According to Section 6 of the Transfer of Property Act, property of any kind may be transferred.
Modes of Transfer of Property in India
Property ownership can be transferred in two ways:
• Voluntary Transfer
• Involuntary Transfer
At the point when the owner of property transfers it willingly, it is voluntary transfer. It might be done in following ways:
(i) for consideration e.g. by mortgage, sale, lease or exchange,
(ii) by gift, and
(iii) by will
Involuntary transfer OR Involuntary Alienation happens when the court attaches the property of a person. This mode may likewise alienate the assets of the joint family or undivided interest of a co-partner in such estate.
Real Estate Sector is one of the most sought-after investment alternatives in India. You can obtain immovable property in various perspectives, and there can be various circumstances when you wish to transfer your ownership of property to your beloved ones.
The most used method of transferring or acquiring a property is through the execution of SALE DEED, which is also called TRANSFER DEED. But, it may not be a tax-efficient or cost-effective mode.
There can be a circumstance when you want to give up your share in the estate to your sister or daughter. In such cases, property transferring through a Gift Deed can be a best suitable Option.
Another situation can be, if you would like to guarantee that your equity is given to your beneficiaries according to your choices, execution of WILL can be considered.
If WILL is registered and grandma has added nominee as grant daughter on the property papers.
Kindly let us know whether the property is ancestral or selfowned property. And your place in the family tree, so we can guide you in correct direction.
1. if your grandmother wants to make a bequest in favour of her grand-daughter by her Will, then upon transfer of the property, which is subject matter of bequest, in favour of the legatee granddaughter, no taxes will be payable by her, since the transfer is by way of gift/bequest which does not involve any consideration.
2. the proposed legatee will become liable to pay taxes [in form of capital gains tax] only when she sells the bequeathed property in future
We also learned that years ago my grandmother put her granddaughter on the land title or deed? I don't know if that's what its called
plz check if there is any document made for this by your grandmother.
- A transfer of any property can be made by way of execution of a WILL, but the vesting of the property will take effect, after the death of the person executing the will.
- As per law, a will is neither required to be stamped, nor is it required to be registered. So, a will is the cheapest mode of transferring your property, to the persons whom you wish to.
- Further, there is no estate duty payable by the person who succeeds to the asset of the deceased.
- Hence, your grandmother can trasfer the said property to her granddaughter after executing a WILL , which will take effect ,after the death of your grandmother.
- Further, your query is not clear to reply accordingly.
Grandmother can create a registered will, on inheritance there is not tax.
See mutation may be on name of grand daughter but still if grand mother is legal owner she need to transfer the property.
1. Immovable Properties received by legal heirs are NOT taxable in any manner.
2. IF you wish to create a Trust, THEN firstly register a Family Trust and then ask the person/s to donate the property to the trust as a "corpus", wherein the income generated would be liable to be shared by all the trustees.
3. IF Grandmother has already & duly transferred her property (part /full) to Granddaughter, THEN said granddaughter is the absolute title-ownership of said properties and now there is no point in creating a will /trust /whatever ....
She can make a will and after that property can be transferred to trust till grand daughter become major.
Or she can transfer the property in her life time by gift deed.
Thanks All. I'm sorry I didn't notice that this was a lawyer questionaire in India. I"m in the US>
Will is only way to transfer the same without monetary transaction otherwise all the other forms like gift deed
If your grandmother would like to bequeath her properties to her granddaughter, then she can do so by preparing a Will signed before two attesting witnesses.
The granddaughter can acquire the property after the lifetime of the grandmother.
There is no tax implication on this till the time she is selling the property.
The laws of India are different than in the USA.
Although trust funds are the way forward to avoid taxes.
A will can be prepared by a lawyer.
Regards