Releasing right in HUF property
Sachin
(Querist) 11 October 2009
This query is : Resolved
Hi
My father had purchased the flat in Mumbai. He expired in 1975 and loan against the flat was settled through his PF/Gratuaty settlement.
Few years back we signed affedevit, so that share certificate can be transferred in our mother's name.
Now I want to release my right in favour of my sister. She will pay some amount for the same.
We want to do this in such a way that till my mother is alive she would have the right on the flat where she is staying and after her my sister would get the complete right over the flat.
Also can I show the amount I am receiving as HUF property/right sell and get the tax exemption?
regards
Sachin
joyce
(Expert) 11 October 2009
you can make an agreement with sister about ur reniquishment of ur right to her and also about the considration, in that only you can include the condition as to the property/ flat.Does ur father made any will as to the property? if not ,u all three mom, sis n u are his legal heirs, as such all three has right over the flat, now u are relinquishing ur right by getting the considaration frm ur sister, ur sister cannot object for ur mom's share in flat so in a very bonfide manner n good smooth understanding let the agreement be done if at all to be done legally.
Sukhija
(Expert) 11 October 2009
U shd make family seetlement agreement include all ur terms n consideration u r getting today, get it registered. u will have to pay stamp duty also.
Sachin Bhatia
(Expert) 11 October 2009
You should make a family settlement duly signed by all family members, and get it registers. Yes you can mention the amount you received as HUF property. Also mention reniquishment of your right.
Sachin
(Querist) 11 October 2009
Thanks all for your guidance.
I have been suggested 2 drafts. 1 as gift deed where my mother is gifting us 1/3 share each in the property since share certificate is on her name. ( can gift be given after a certain event like her death?)
and second release document mentioning the amount and details about me releasing the rights in the flat.
Do we need to have gift deed or can I mention directly in the release document that since i am heir to the said flat I am releasing my right in the same?
Raj Kumar Makkad
(Expert) 12 October 2009
Because the flat stands in the name of your mother in the column of ownership so you have no occasion to release any share in the flat. Your mother can execute a will in favour of your sister but not gift-deed becuase she wants her ownership till she alives and wants it transferred in the name of her daughter. In Gift-deed such term is impossible because in gift ownership is immediately transferred but in will it is executed after death.
