Division suit based on will
Naveen Jhanjee
(Querist) 12 April 2015
This query is : Resolved
The property in question is not an ancestral property. My father had left a will giving 2/3rd property in my favour but with my mother's life time residential right and 1/3rd in my younger brother's favour with lifetime residential right of my unmarried sister.Later on my mother persuaded me to place her name in the municipal records for the convenience of paying taxes. Now she says that as I have signed the municipal name change application I have lost all rights given in the will. My brother is also not comfortable with this will.
1. Have I lost my rights over the share as prescribed by the will?
2. Can we file for a division suit based on the will?
3. Can we sell the property if any amicable agreement is achieved, like distribution of sale proceeds in three children and mother agrees to live with me without taking any share?
4. Can three children receive cheques in their own names, after such agreement, without creating any Income Tax liability for me or my mother.
Kumar Doab
(Expert) 12 April 2015
The WILL left by deceased owner is to be implemented in toto.
The mother is misguiding.
You may for your satisfaction consult local lawyer dealing in property/civil/revenue matters in person.
Devajyoti Barman
(Expert) 12 April 2015
The Will is to be perused for proper advice. in spite of such clause of Life Estate the woman often acquires right exclusivley and deal with the property during their life time as per their own wish.
Naveen Jhanjee
(Querist) 13 April 2015
Thanks. But if we all reach to an amicable agreement of equal distribution among all, can we override the will and sell the property.
T. Kalaiselvan, Advocate
(Expert) 16 April 2015
If there is an amicable settlement among all of you, especially when the life time beneficiaries relinquish their rights in the property, the property can be sold jointly.
Dr J C Vashista
(Expert) 19 April 2015
I agree with experts advise, nothing more to add.
Guest
(Expert) 19 April 2015
Well advised.
Naveen Jhanjee
(Querist) 20 April 2015
Thanks all of you. But, if one party relinquish his/her part and the beneficiary sells it and receives the payment and invests it full in new property,How the income tax law will take it.
Would the party who has relinquished his/her part would be taxed for LTCG despite the fact that he/she has not received any payment.
