Memorandom of Understanding among Family Members
The House Property is in the joint Names of No: 1 to 7 acquired by a Partition Deed which was held in the year 1966 herein Hyderabad for about 700 Sq Yards with a built-up area of about 6000 Sfts (G+1). LR No: 8 is the only Daughter of 1 & 2 and Sister of 3 to 7.
1. Late Pukhrajmal
2. Late Kachri Bai
3. Pannalal (Son of 1 & 2) Wife, 1 Son & 3 Daughters.
4. Late Ratan lal (Son of 1 & 2) LR: Wife, 3 Sons & 2 Daughters.
5. Late Jawaharlal (Son of 1 & 2) LR: Wife, 2 Sons & 2 Daughters.
6. Padam Chand (Son of 1 & 2) Wife, 1 Son & 3 Daughters.
7. Late Prakash Chand (Son of 1 & 2) LR: Wife & 3 Sons.
8. Late Sarita Bai (Daughter of 1 & 2) LR: 1 son & 1 Daughter.
(Married in the year 1975)
Out of 700 Sq Yds, 100 Sq Yards along with a Built-up area of 1000 Sq Fts G+1 (allotted share of Late Jawaharlal) has been acquired by Municipal Corporation (GHMC) for Road Widening and he has received the remuneration by cheque and now the remaining 600 Sq Yds of the said House Property shall be changed in the name of son of No: 3 (300 Sq Yds with Ground Floor) & only 1 LR (Son) of No:5 (300 Sq Yds with First Floor) for which the whole family has agreed upon.
Now the Queries?
1. What type of the document should be made?
2. What should be the consideration for the deed?
3. How should be the division of the shares between both of us mentioned?
4. What is the Stamp Duty applicable?
5. Whether LR for No: 8 and Family members of No: 3 & 5 are to be made parties in this deed?
6. What about one of the LR of No: 4 who lives in USA?
7. How should be 100 Sq Yards along with a Built-up area of 1000 Sq Fts G+1 (share of Late Jawaharlal) acquired by GHMC for road widening mentioned in the document?
8. What about the original Link Document which is not traced prior to 1966?
9. Will any Capital Gain under Income Tax will be attracted to both of us?