mahmood mithani (secretary) 22 October 2014

Father property distribution & income tax implication

i have query regarding my father property - a flat in co - operative housing society -

my father is willing to transfer the flat - apprx.3000 sq feet among 4 of us brothers and sister,

my first question is can he transfer the flat among four of us when he is still alive, if yes then what is transfer procedures and tax implication?

my second question is father want to let out the same flat - which is empty at the moment, have given power of attorney to eldest son - can the power of attorney holder make the lease agreement in his name and later divide / distribute the rent income with his siblings officially?

Please advice I ll be highly obliged

Reply Follow

3 Replies

chowdary (Advocate) 23 October 2014

He is obsalute owner, he can execute gift deed to all it's effected immediately He can also make a WIIL as his wish it's good Power of attorney not good After father death division is expensive

chowdary (Advocate) 23 October 2014

He is obsalute owner, he can execute gift deed to all it's effected immediately He can also make a WIIL as his wish it's good Power of attorney not good After father death division is expensive

chowdary (Advocate) 23 October 2014

He is obsalute owner, he can execute gift deed to all it's effected immediately He can also make a WIIL as his wish it's good Power of attorney not good After father death division is expensive