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SAMIR ROY (MANAGING DIRECTOR)     07 September 2011

Will

 

My father’s Will duly probated has bequeathed all the properties of whatsoever nature and situated has to my mother for her natural life. She will have no Power of alienation by way of transfer, gift or otherwise of any of the properties of whatsoever nature and whatsoever situate. 

After her natural life the property has been bequeathed as follows:-

Ground Floor                       2nd Son

First Floor                            1st Son

Roof                                     Daughter  

 

                                                         QUERIES 

 

Keeping the Sentiments and the Spirit of the Will:-

1) Can mutation of the property be done? I think NO.

2) Can the Property be divided amongst all the members with mother being a joint holder by an agreement?

3) The objective is to ensure that she continues to be the owner of the property and at the same time –

a) Daughter constructs on the Roof Top.

b) 1st Son starts a business in one of the Shops in the ground floor earmarked for him and be responsible to pay income tax and property tax.

c) 2nd Son lets out the ground floor and be responsible to pay income tax and property tax accordingly.

d) Currently Mother is not assessed for income tax and does not hold a PAN Card. In the event all the activities are carried out in her name she may be assessed and we would like to avoid.

C

an you suggest an alternative?  

 

Samir

 

 



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