name of legal heirs in sale deed

Querist : Anonymous (Querist) 27 February 2010 This query is : Resolved
MY GRANDFATHER DIED WITHOUT WILL LEAVING BEHIND TWO SONS AND A FLAT.
MY FATHER IS ALSO NO MORE NOW. HE ALSO DIED WITHOUT WILL LEAVING MY MOTHER , ME [SON] AND A MARRIED DAUGHTER.
NOW WE ARE SELLING THE FLAT [GRANDFATHERS].
THE BUYERS LAWYER SAYS THAT ONLY MY UNCLES NAME AND MY MOTHERS NAME WILL BE MENTIONED IN SALE DEED AND AMOUNT WILL ALSO BE PAID IN THEIR NAMES ONLY.
we [myself and sister(marrried)] are ok with this.
BUT IS THIS LEGALLY OK ALSO FROM TAXATION POINT OF VIEW.
PLEASE GUIDE

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seshagiri Rao (Expert) 27 February 2010
Since your father died, yourself,your sister and mother together get the half right in the said property of your grandfather.Hence it is legally necessary that you both also should join the execution of the sale deed along with your mother and uncle as otherwise such sale deed without your signatures will not bind you to the extent of your 1/6th share each in it.This holds good if Hindu succession Act applies to you

B K Raghavendra Rao (Expert) 27 February 2010
From taxation point of view, your mother would have to pay income tax after setting off the exemption limit. It is not correct either legally or from the tax point of view.

The sale deed should have included your uncle as one seller and (2)(a) your mother b)yourself and (c) your sister as second seller. Payment would be made as follows:

(1) 50% to your uncle
(2) 50% to your mother, yourself and your sister put together.

In such an event the tax liability would have been divided among you three depending upon the amount received by you.

Raj Kumar Makkad (Expert) 27 February 2010
I do agree with rao and sheshagiri.

Querist : Anonymous (Querist) 28 February 2010
THANKS FOR THE ANSWER.

HOWEVER CAN WE ACCEPT THE AMOUNT IN INDIVIDUALLY I.E 1/3 SHARE EACH OR IN MOTHERS NAME ALONE AND THEN DISTRIBUTE?

Kumar Thadhani (Expert) 02 March 2010
Yes from taxation point of view Expert Rao has rightly given you reply and sucession of property Expert Mr Sheshagiri is right.

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