DIVISION OF PROPERTY WHEN FATHER IS ALIVE

I own a house property in Hyderabad, Andhra Pradesh of India. I am the absolute owner of the property. The house was purchased by my deceased father from AP Housing board and my mother has released her share in the property in my favor as such I became owner of the house. I am the lone son to my parents and there are no sisters too.

            The house property is  a single storied building situated in the corner of the lane touching tow roads one side is the main road and another side is the sub road and both the roads are wide enough. It is a 1947 build house with gucchi and the roofs are a mix of gucchi and bricks. Certain repairs has been undertaken to the house during 1998 by investing around one lakhs rupees to prevent the roofs from spoiling due to rain and the walls of the two main rooms are replastered with cement.

            I have two children out of which the elder is a daughter who has got married and blessed with one son, she is residing in KSA. Second is a son who has completed his engineering and now pursuing higher studies abroad. My wife is a house wife.

            I came to know that my son in law is willing to purchase a house property in Hyderabad for which he intend to avail bank loan. I want to suggest him that my house property can be developed in such a way that both the families can stay comfortably. Either the house can be rebuilt into tow stories or may be three stories. I want him to avoid taking loan for which he has to pay huge amount of interest.

In view of the circumstances mentioned above I am seeking clarifications in respect of the following points.

1)      In what proportion the property can be divided among my son and daughter as per the Islamic law in my presence.

2)      What is the appropriate way of division when the present structure is being demolished and the cost of construction is being born by my son in law and who will get the portion of the house which is on the corner touching to two roads?

3)      In case if I want to divide the house property into two equal parts then in what proportion I should collect consideration from my son in law.

4)      The total expenditure of the reconstruction of the house will be born by my son in law. In what proportion expenses relating to government formalities will be shared.

5)      During 1998 I have made certain changes / developments to house and spent around one lakh. How this amount will be accounted for.

6)      After demolishing the present structure the new construction will be built on the open land. How the value of constructed building is taken into consideration for distribution among the family members.

7)      What are the documentation required to be completed so that there should not be any confusion in future.

8)      Whether the present value of the house before demolition is having any importance in this regard.

In case if any important query left from asking kindly reply that also.