hi...Sir..first of all kudos to your work. Thanks for enlightening us with your financial articles. I have a small query regarding property sale?
My father had a registered document of the 1970s for a plot of 38.5 sq yards. in the subsequent years, he built the house. My father expired in 1996 by that time my two sisters were married and had kids too. Now I want to sell the house. The registered document still in the fathers name. I want the property to be sold and the amount should be given to my mother. How can I do that? as the document is with the father's name.. If sisters come for the share my mom's share will come down (anyway I will convince them to leave the amount to mom)..If sold, how the capital gains implications will be calculated on the property to my mom(who has no other income )...If the amount is shared between us(4 members includes me, mom, and two sisters) how the calculations of gains will be calculated on an individual basis...
kindly enlighten on this topic...thank you
3 Answers
Hi,
Thank you for the appreciation!
May I know if your father has left any WILL? Is it an Ancestral property or self-acquired by your father?
In whose name the Property tax bill and Utility bills are?
Thank you for replying…My father has not left any will… its acquired by my father from a seller.(recently i got the registration copy in my father’s name in the year 1977)..The property taxs, electricity bills, and water tax in the name of my father only…kindly guide ..
Kindly read :
Hi,
As your father has not written any WILL, all the legal heirs (including your mother & sisters) will have the ownership right on the property.
If the property is sold and you make long term capital gains, then tax is payable by all the legal heirs as per their ownership share (proportionately).
Kindly go through the above suggested articles.
Please login or Register to submit your answer