Query

Abhishek Gupta (Querist) 20 May 2015 This query is : Resolved
My grandfather has made a registered WILL in favour of my father and paternal uncle, wherein my father and uncle are 50% each owner of the said property.
Now my grandfather has expired. I have the following questions :

1) Do we need to Probate the Will. We reside in Delhi.
2) Do we need to get the Mutation done.
3)Which all documents will be required from my uncle if we want to purchase the uncle's share.
Regards,
Abhishek Gupta

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Anirudh (Expert) 20 May 2015
If both your father and uncle agree and accept the WILL, then there is no need for any Probate of the WILL in Delhi.

If your father wants to purchase the portion of the property falling to the share of your uncle, this can be done in a better way (instead of purchase as it will involve payment of stamp duty on the value of consideration shown in the sale deed). Your uncle can execute a Registered Relinquishment Deed of his share in the property in favour of your father. The stamp duty in that case will be very nominal. SINCE your father will be saving in stamp duty, the same can be shared between your father and uncle (therefore your uncle will be getting little more money than what he normally would have got for the portion of his share) and your father would also be spending that much money less.

In order to compensate your uncle, your father can gift the amount to him separately without linking it to the property. Both the transactions, being between brothers (relatives), can go without income tax also. HOWEVER, THIS REQUIRES ABSOLUTE TRUST AND UNDERSTANDING BETWEEN THE BROTHERS. (IT SHOULD NOT HAPPEN, ONE GETS THE PROPERTY THROUGH RELINQUISHMENT BUT DOES NOT GIVE GIFT. OR ONE GETS GIFT, BUT DOES NOT EXECUTE THE RELINQUISHMENT DEED).