Drafting of these points and mode required in lease deed
sundar sastri jain
(Querist) 19 November 2013
This query is : Resolved
Sir, can the legal heirs let out house property,even if it is not registered in their name as the joint owner(lady) and her only son expired, can the grand son let out the said property along with the other legal heirs i.e.members and get the Income from house property divided(equal share) in all legal heirs name as this would highly reduce the tax liability.....
Another question can 194-I of income tax act,1961 be evaded(as section says 1,80,000 limit per member) if all the legal heirs authorise grand son to collect rent OR still tds be deducted as rent pm exceed the limits specified....How grand son be assessed in respect of his share including tds if any
My last question mode of authorising grand son
My last query will it be suficient if in lessor(grand son) introductory para merely named followed by a sentence Without mentioning all the legal heirs name as "......the legal heirs jointly authorise grandson(name) to do acts,deeds,favours in relation to or in connection with let-out of said property/shop"
Devajyoti Barman
(Expert) 19 November 2013
If other co sharers opposes then sole legal heir can not transfer joint property. The other co sharers can file suit for partition and injunction to restrain him from this.
Whether you put such clause or not the legal heirs of original owners would always include all his legal heirs unless the property is partitioned.
malipeddi jaggarao
(Expert) 19 November 2013
First of all the property in question should be mutated in the names of all legal heirs. Then if it is to be leased out, a POA in the name of one legal heir has to be executed authorising him to deal with the property. This is also not necessary, if all all LHrs join in signing the lease deed. As far as treatment of income of tax assessment, it is always better to obtain the rent in individual legal heirs. It will avoid TDS problem also.
R.K Nanda
(Expert) 19 November 2013
nothing more to add.
sundar sastri jain
(Querist) 19 November 2013
1.what is MUTATED as above said
2.what clauses have to be entered in lease deed i.e a reference to POA made
3.Please give a suitable format for both lease deed and Poa
malipeddi jaggarao
(Expert) 20 November 2013
1. Mutation means change of name from previous owner of the property into new owners' name in the government records.
2. Make mention of all the joint owners as lessors and make a condition that lessee will pay the rent amount to all the joint owners as per the share which is to be mentioned in the agreement.
3. Contact a local advocate who will draft the agreement.
prabhakar singh
(Expert) 20 November 2013
I agree with Shree Malipeddi jaggarao !
sundar sastri jain
(Querist) 21 November 2013
will a referance in lease deed as to poa and stamp paper number be sufficient? As mentioning the name of all legal heirs name would create difference in legal heirs and even unknown people will be attracted
sundar sastri jain
(Querist) 21 November 2013
Shree Malipeddi jaggarao ji, making all legal heir as lessor, would create disputes, my INTENT is NAME(S) of ALL legal heirs SHOULD NOT COME(EXCEPT GRAND-SON) in lease deed only grandson name has to come, Grandson SHOULD also RECEIVE RENT for and on behalf of all legal heirs Sir is it possible
malipeddi jaggarao
(Expert) 21 November 2013
Your queries are self-contradictory.
When there are legal heirs to the demised property owner, what is the difficulty if their names appear in the rental agreement?
If all of them give a POA to receive the rents by one legal heir, the lessee will deduct TDS as he is making rental payment to one particular person. It is for the POA holder to claim refund by filing IT return showing evidence that he received the rent in the capacity of POA and the rents are passed on to the other joint owners. This is all complicated.
We can answer genuine queries. We can not support the individual plans to deviate the legal aspects. This is a free forum. Consult an advocate who will charge the fee and twist the facts as per the wishes of the client.
sundar sastri jain
(Querist) 21 November 2013
Surely Malipeddi jaggarao ji, i just wanted a clarification and you wont beleive as how much money is being spent toward an advocate , as a result i approached for a professional help through this media,its free for you to comment but not to detoriate the topic. Its upto a true professional as to serve a person in need or not.
