Inheritance of residential property

Mirat (Querist) 28 December 2015 This query is : Resolved
My father passed away without a will and a nominee in residential property. Now the residential property needs to be transferred to my mother (First owner -50%) and my self (Second owner-50%), Since I have a sister residing in the USA willing to relinquish her share in the residential property.

I have got a power of attorney from my sister in favor of my mother which is notarized in the USA along with Indian embassy stamp. This was done since my sister can not come down to India.

Now, What are the stamp duty & Registration charges on registering release deed? How much would be these charges? Residential property is in Mumbai.

Also, Is it necessary to first get my sister's name on share certificate as 33% owner and then release it in favor of mother and mine? Or this is not required?

What is a better solution available apart from what I am doing?

Thanks.

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Devajyoti Barman (Expert) 29 December 2015
Stamp duty and registration fees differs from state to state . Hence contact with local registration office.

Adv. Yogen Kakade (Expert) 29 December 2015
Contact the nearest office of the sub-registrar with the copy of the draft.. and if your sister wants to transfer her share to your mother then your share shall not be 50%.
Adv. Yogen Kakade
Jurycon Incorporation
Advocates & Consultants
Email: juryconincorporation@gmail.com
Web: www.juryconn.in

Rajendra K Goyal (Expert) 29 December 2015
You have to get the POA stamped in India, as per procedure.

On the basis of this POA, your sisters share may be relinquished in favor of your mother.

Guest (Expert) 29 December 2015
Well Advised by Jurycon

Mirat (Querist) 29 December 2015
My sisters share will be equally divided among mother and my self making our share equal.

Deekshitulu.V.S.R (Expert) 30 December 2015
Basically the POA is to be got registered with the concerned Registrar. Then you mother can executed a relinquishment deed in your favour on behalf of her daughter in respect of her 33% share.

But, better that you get a settlement deed in your favour in which event as in A.P, the stamp duty and registration chargesd are very low. So consult the Local SRO, for the details.

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