Case History: Flat at Pune in the name of father (first owner) and Son (Second owner) registered since 15 years. Father expired 14 years ago after registration. Other legal heirs i.e. Two Sons, Two Daughters and mother issued Advocate notice to Developer claiming as co owners. Mother expired 12 years ago. Society registered after 7 years and remaining legal heirs issued plain letter to society for claiming their rights. No other legal proceedings done by any party in this period. The flat is in possession of second owner. Now he wants to either claim full rights of flat or to sell the flat. The consideration will be paid out of his own source or from sale of flat. Children of two brothers and two sisters are now major. My queries: 1) What %age of shares to be given to legal heirs. 2) Whether release deed or any other documentation to be obtained for releasing their rights for retention of flat by second owner or what type of documents for sale. 3) How much stamp duty to be paid on above. 4) Stamp duty for full sale value or on 50% value to be paid if second owner wants to retain the property and how much for sale. 5) What precaution to be taken for major children of legal heirs. 6) Any other suggestions? Under Privacy policy, I presume my details will be safe, secured and will not be misused.
1. The legal heirs will get equal shares if the father died without will.
2.Registered Release deed is required by legal heirs.
3.It depends on the value of the property.
5.Major children will only get their share in their adult heirs not separately.
On father demise his 50 per cent share would devolve on his 3 sons 2 daughters , wife
2) deed of relinquishment can be executed to relinquish their share in property
3) stamp duty would be on the share relinquished by the legal heirs
4) it would depend on market value of their share in property
5) children of legal heirs haVe no share in property
To add name on the flat there is stamp duty require if it was already registered at the time of father and brother.
They both have 50-50% sharing ratio.
Now in father's share all 4 children will have equal share. 12.50% each.
Means the co-owner son will have 62.50% share and rest of the legal heirs will be 12.50 each.
So if the co-owner wants to purchase other share than they have make relinquish deed and it will normal charges for registration.
Major Children precautions should enter their name in the relinquish deed as well.
1. Father was owner of 50% share in the flat. His share will devolve on his legal heirs who are his widow and children equally under section 8 of Hindu Succession Act read with Schedule 1. Thus you have your own 50% plus 1/6th share from the 50% share of your father. You cannot claim as an absolute owner. Your mother and 4 siblings are also co-owners
2. If the other co-owners are transferring the property without any consideration then release deed will be required. If no consideration is passing then gift deed will be needed. Whatever be the document, it has to be duly stamped and registered
3. For gift deed, transfer from mother to son and siblings to brother, I think now its 3% + 1% cess on the market value of the share being transferred. For release deed, it will be stamp duty as applicable for a sale or conveyance (concessional stamp duty won't apply since this is not an ancestral property)
4. Stamp duty has to be paid on the present market value of the share being transferred or the consideration passing between the parties (in case of release deed), whichever is higher
5. If the parents of the major children (your niece and nephews) then they cannot claim any share in this property (because your siblings were living when your father passed away and under the Hindu succession act, grandchildren are given a share when the children predeceased the Hindu male)
6. Letters of Administration will be required for administering the estate of your deceased father
Your last comment is pathetic! How can any lawyer possibly misuse your details. No names or any other material particulars are disclosed. If you are so concerned about such misuse, you should not have posted your query on a public platform like kanoon. You ought to have consulted a lawyer privately. This is certainly not the way to put any query to the lawyers on this platform. Highly unfortunate Sir!!
3. For gift deed, transfer from mother to son and siblings to brother, I think now its 3% + 1% cess on the market value of the share being transferred. For release deed, it will be stamp duty as applicable for a sale or conveyance (concessional stamp duty won't apply since this is not an ancestral property)
THE ABOVE PARA IS CORRECTED AS BELOW
for gift deed transfer from mother to son, stamp duty is Rs. 200/- + 1% cess and for transfer from siblings to sibling, SD is 3% + 1% cess
5. If the parents of the major children (your niece and nephews) then they cannot claim any share in this property (because your siblings were living when your father passed away and under the Hindu succession act, grandchildren are given a share when the children predeceased the Hindu male)
THE ABOVE PARA IS CORRECTED AS BELOW
5. If the parents of the major children (your niece and nephews) ARE ALIVE, then they cannot claim any share in this property (because your siblings were living when your father passed away and under the Hindu succession act, grandchildren are given a share when the children predeceased the Hindu male)
1. See your other siblings or there heirs have 1/10 share in the flat and you have 2/5 share of complete property.
2. The other legal heirs can gift there share vide registered gift deed to you .
3 in gift deed 3 percent stamp duty ad per value of there share shall be payable.
4. Stamp duty on share of legal heirs shall be applicable.
5. Major children in life of legal heirs have no right.
6. Yes your details are safe and no details are reflected in any public forum.
Hi,
The share of father will be equally divided among all the legal heirs i.e. 20% in the present case. Each member is required to give a release deed of their share in the property to the second owner. The stamp duty will be applicable as per the local law or circle rate. All the major legal heirs can give a consent deed for releasing their rights.
1. The share of father in the property shall devolve equally on all his legal heirs.
If there are 4 legal heirs then the share of father's property shall be divided into 4 equal parts.
2. If the other cosharers are willing to relinquish their rights in the property then they may have to execute a registered release deed in favor of the other cosharer cum owner of the other half of the property.
3. In Maharashtra there's no stamp duty payable if the transfer of property is among the blood relatives.
4. It will be to the extent of property now being transferred.
5. The children of legal heirs are not entitled to any share in their parents share of property at least not during their lifetime.
6. You may decide based on the circumstances prevailing at your end.
1. If your father and mother both died intestate i.e without leaving a Will then your father half share in the property would be liable for equal division among his 5 sons and daughters incl dung you.
2. So your siblings will have 1/10 share each in the property which you will have 1/2 share in addition to 1/10th share.
3. So their claim for share in the flat is lawful and as the flat can not be physically divided into so may pieces, it is advisable that you pay the price of 1/10 th share to each of them and you become the sole owner of this flat.
No share can be claimed by legal heirs if sales deed of flat mentioned joint tenancy rights for co-onwer under which in case of demise of one co-owner. complete ownership devolve among remaining share holders.
You should send a notice or request to society for transfer of share certificate on your name on ground of joint tenancy rights.
If society refuse to transfer share certificate file suit for declaration of ownership against society for claiming full ownership of flat.
If property is purchased by father than all have 1/5th share each. Release deed will execute by all in favor of son. Gift deed can also execute. No stamp duty on transfer between blood relative.
Ask them to execute release deed if you are paying them in lieu of releasing their share.
1. IF Father expired without executing any will and IF Mother expired without executing any will, THEN:
a) Father's 50% property can be rightfully claimed, in EQUAL proportion, by "now" remaining residual legal heirs of Father. The Children of Two Sons & Two Daughters, do not have any right, as long as their own Parents are alive.
b) Residual Legal Heirs (Two Sons & Two Daughters ONLY and not their children's) can execute a Joint Registered "Release Deed" in your favor, releasing all their claims/rights on Father's property.
c) Stamp Duty (4% on the rateable ready rekoner value) on Father's 50% property and Registration Fees (1% or 30000/-, as applicable) will be applicable in Maharashtra.
2. Flat can be sold in "as it is condition" without transferring Father's 50%, by way of a registered Sale Deed, mutually signed by yourself plus Two Sons & Two Daughters, by signing on the Sale Deed as "Confirming & Consenting parties". Here no need of Release Deed. Stamp Duty (6% on entire value) and Registration Fees (1% or 30000/-, as applicable) will be payable by Buyer party and not Seller party.
All sons and daughters will entitle equal share in father's 50% share.
release deed Or Relinquishment can be executed to release their share in property .
stamp duty is state subject varies from state to state
