Family settlement
Shwetal Jadhav
(Querist) 15 March 2013
This query is : Resolved
Dear Experts,
Our mother has self-acquired property. She wants to distribute the property between family members-son and daughter and keep some share for her.
1. Kindly suggest the ways to distribute the property.
2. What is the way to distribute the property requiring least stamp duty?
Thanks
ajay sethi
(Expert) 15 March 2013
she can make a will bequeathing proprty to her son and daughter . no stamp duty at all .
if she executes gift deed it would attract 2%stamp duty .bu tif during her lifetime she gives away major share of her property no guarantee children will take care of her in her old age
Raj Kumar Makkad
(Expert) 15 March 2013
1. Gift deed of the share she deems fit and rest can remain with her for her life time.
2. Though gift attracts some duty but this is best in the interest of all parties. Will can be made against the portion left with your mother.
Shwetal Jadhav
(Querist) 15 March 2013
What about deed of family settlement. Does it require stamp duty & registration? Then how much stamp duty?
Kindly advise.
prabhakar singh
(Expert) 15 March 2013
When none except mother have right title or interest in the property ,what and why for can there be any family settlement ,a course that needs to be adopted among co -owners. ???????
R.K Nanda
(Expert) 15 March 2013
gift deed is the remedy.
Raj Kumar Makkad
(Expert) 16 March 2013
Family settlement can be made where some of the family members have ownership over certaan property and an adjustment is to be effected among whole family of that property but the situation in the given matter is different.
