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venkat batchu   31 May 2024

How to make wife a sole beneficiary in the property

Dear sir, I am a senior citizen, 60 having only flat in my name and i am residing there.  Now, I am intending to sell it and reinvest in a lower priced apartment and deposit the balance for my living..  Now, my wife is expressing her wish to make her sole beneficiary as my two sons might not pose a possible resistance .. This is my own earned property out of my salary.. 

Regards.  

b.v.satyanarayana

navi mumbai 



Learning

 7 Replies

T. Kalaiselvan, Advocate (Advocate)     31 May 2024

You can independently take decision to dispose or retain yor self acquired property,  nobody can object to your decision neither anyone has any rights to interfere in this, you may proceeed as proposed by you. 

venkat batchu   31 May 2024

Sir, THANK YOU VERY MUCH for your reply .. Now, the situation is such that i have to sale my property to clear off my debts for which there is no objections absolutely.. As i am a senior citizen now, i want to make my wife a sole beneficiary of the new flat which i will be buying to save capital gains tax .. so, what are the provisions .. for example, if i make her the sole nominee ..she is having apprehension on our sons .. As both my sons will also have equal rights in my property (correct me if i am wrong, sir_.. In such situations, how can i make her my sole beneficiary .. regards. 

Dr. J C Vashista (Advocate )     31 May 2024

Since the property being purchased (from sale proceeds of existing property, which is self acquired and you are competent to dispose as you want) will be your self-acquired you may execute a will in favour of your wife, if you do not want to gift or purchase it (proposed property) in her name.

Real Soul.... (LEGAL)     31 May 2024

Just dispose off the property and buy the new property and make a registered will deed in favour of your wife.

 

venkat batchu   31 May 2024

Thanks a lot for all the consultants for offering your advises.. thanks a lot LCI for making this platform available to common man..

Regards. 

Malaika News   03 June 2024

YOU ALL ARE SO KIND.

T. Kalaiselvan, Advocate (Advocate)     04 June 2024

You are welcome for your appreciations and understanding.


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