28th May 2012
Dear Forum Members
Mr.A from Chennai, Tamilnadu, had expired leaving behind his wife, one son and three daughters. The only son and all the three daughters are married. Mr.A has left behind the following properties.
(1) Two immovable properties registered in his name
(2) Jewellery Business
(Gold Jewellery business is being run in the name of deceased Mr.A – Silver Jewellery business is being run in the name of his surviving wife – separate sales tax registration is available and both of them are IT assessees).
Apart from the above there is a third immovable property. However the said property is registered in the name of surviving wife of Mr.A.
The family of Mr.A has now decided to divide and share among themselves the properties and business left behind by Mr.A, as per details given below:
1. Two immovable properties that are in the name of the deceased (Mr.A) would be transferred to his only Son. The surviving wife and the three daughters will have no rights or any claim whatsoever in respect of these two immovable properties. However in respect of one property in which some portion has been let out on rent a survival interest has to be created in favour of the wife of the deceased, so that during her life time she would be receiving some income by way of rent. This is in order to protect her future and she could survive without depending on anybody.
2. The Jewellery business (both gold and silver jewellery business) will also be transferred in the name of the son and he would continue to run the business. All the assets and liabilities of such business including the income / loss, stock-in-trade…etc will rest with the only son. The surviving wife of Mr.A and the three daughters shall have no rights or any claim whatsoever over the said business.
3. The immovable property in the name of the surviving wife of Mr.A would be shared among the three daughters. The son will have no claim whatsoever in respect of this property. The surviving wife who is the owner of this property will transfer this property in favour of her three daughters. The surviving wife will not have any claim over this property once the transfer is effected in favour of the three daughters.
4. Personal Jewellery and Silver articles if any available with the surviving wife of Mr.A shall be divided and shared equally among the Son and Three Daughters.
In order to give a legal force for the decision taken the family will be taking the advise and professional support of an advocate / chartered accountant.
However my query to the forum members out of interest is as follows:
a. What type of document has to be prepared and registered for transfer of the two immovable properties (which are at present registered in the name of the deceased Mr.A) in favour of the Son. Whether a partition deed is enough or any other document is required to be registered. What will be the stamp duty and fees payable to the registration authorities for registering the document.
b. How to create a survival interest in favour of the surviving wife of the deceased in respect of a portion of rental income from one property.
c. What type of document has to be prepared and registered for transfer of the third immovable property (which is at present registered in the name of the surviving wife) in favour of the three daughters. Whether a settlement deed is enough or any other document is required to be registered. What will be the stamp duty and fees payable to the registration authorities for registering the document.
d. What type of document has to be prepared and registered for recording that the three daughters and surviving wife shall not have any claim whatsoever in the “gold jewellery business” which would be taken over and run by the only son.
e. The silver jewellery business, which was so far being run in the name of the surviving wife of Mr.A, is to be transferred in the name of the Son or in the name of the wife of the Son (Daughter in Law). What type of document has to be prepared and registered for recording that the Transferor (surviving wife) as well as the three daughters shall not have any claim whatsoever in the said “silver jewellery business”.
f. What type of document has to be prepared and registered for creating evidence in respect of equal sharing of the personally jewellery and silver articles if any available with the surviving wife of Mr.A. This sharing will be done only after her life.
I would be grateful to the forum members for your kind reply.
With regards
R. Muralidharan
