Kindly advice !
AMITS
(Querist) 17 March 2014
This query is : Resolved
LEARNED EXPERTS !
KINDLY, GUIDE ME OVER THIS, I HAVE A QUERY, MY FATHER HAVE 3 BROTHERS. LETS SUPPOSE THEY ARE ABCD(4 INCLUDING HIM) way back in 1979/80 approx.
after reaching over some settlement over a disputed property of their mother,they(all 4) received 5 lakh rs. now after dividing about 4 lakhs, rest approx. one lakh was invested in a plot of land ,in the name of v who was son of eldest brother(he was minor at that time around 10 yrs.)was purchased and the signature of v was done by c the third number brother (my father is on second no.i.e. B)and papers and receits etc of the society patta was kept with the c the (third no who signed as v), now after so many years, since then there is no confidence in each other because of changing times, what is the best way to move out of it peacefully , if any one amongst dies(all are retired,aged people) v the son of the eldest in whose name the plot was purchased will eat up the whole thing or else the second number brother who have all the papers with him may sell it to some one some how using fake identities, now what should be done, every body admits as of now that it was investment done in one of the brothers son's name , ,how can we ensure that the rest of the two brothers who do not have any thing neither name nor the paper with them can ensure their right in the property when all are ready to cooperate at least at this very point of time,can any legal agreement be done or mutual agreement would be sufficient( so that in case anyone tries to eat up with melafide intention can't do this! help me to find the way out ! hope i am clear!(it was sort of benaami investment as all 4 brothers were in goverment job at the time of purchase of plot)
Devajyoti Barman
(Expert) 17 March 2014
To avoid future dispute, it is always wise to execute deed of mutual partition.
Rajendra K Goyal
(Expert) 17 March 2014
The property is in the name of V, he is the owner.
If all agree, better sell the plot and after deducting capital gain tax distribute the amount.
Alternately, v can gift portion of plot to others if he so wish.
Raj Kumar Makkad
(Expert) 18 March 2014
sale of the plot and then calculation of capital gain shall be the best option.
