Hello Expert Panel,
My mother owns a land with a house in it. Both the house and the land are in her name. My father expired before her. She died interstate and now I want to get the house and the land in my name. I have 1 sister (widow) and she has 4 kids. All are married and have kids. My sister and her kids want to give their share of property and house in my name.
Legally my sister and her 4 kids totally have 50% of undivided right in the property (land and house).
What is the best economical way to transfer their share of house and land in my name?
Is gift deed a better option? If yes, please help me with the following questions:
- - Can my sister and her 4 kids execute the gift deed together on one document and on one particular day or do they have to individually execute the gift deed? Because some of my sister’s kids are working abroad and they come to India once a year. Can I execute a gift deed from my sister and her kid who are in India separately or is it good to get the gift deed done when they are all together? So if I execute the gift deed separately will the gift deed be executed on the % of share they own for the stamp duty purposes? Note: The property is undivided - 50% belongs to me and 50% to my sister and her kids (25% sister, 6.25% for each of her kid)
- - Also, will the stamp duty for the gift deed be calculated on the entire property (Land and House) or only the 50% share of the undivided property that they legally own?
- - Also, is the gift deed executed only on the land (excluding the house) or is the gift deed executed on both the house and the land? (If the gift deed is executed on the land alone, will the house by default come in my name?)
- - Also is there any concession in stamp duty for family members who execute the gift deed?
Thanks for taking time and answering my questions.
God bless you.
Thanks in advance.
Regards,
John
