My mother recently passed away and did not leave a will.
There is one property solely under her name and one she jointly owned with my father.
It is my understanding that since her passing her shares have now devolved in 1/3 allotments to my father, brother and myself. Please confirm if this is correct.
Do me and my sibling have to take any action such as, relinquishment of the shares in my father's name or my father could also create a gift deed in our names.
My brother and my concerns are that we're both Canadian citizens and we don't want to put our name on something if sold later on by us would require heavy taxes levied in both India and Canada.
I understand that India has a 20% tax levied on LT capital gains and also has a treaty with Canada to avoid double taxation but I've also read somewhere that the Canadian govt. levies 50% taxes on 1/2 of the capital gains after deducting registration/stamp fees and property costs if me and my brother were to make the sales later on.
In addition, I'm being told we'd need to apply for a legal heirship certificate or a family to get access to anything she owns. How much would this typically cost for a lawyer to create?
If we go by gift deed or relinquishment deed, how much should that cost both from a legal, registration / stamp duty fee perspective?
Is it better for us to let go of the idea of doing a gift/release deed and just inherit rest of the shares by way of our fathers will or is it better to have something in writing with regards to her shares?
