Hello,
The current property in which I am staying was inherited by us from our Grandfather. He had made a Will stating that the property should be divided equally among his two sons(my father and uncle) and his wife(my grandmother). Later, upon his death, the property was transferred in the name of my Grandmother. However, its been nearly 10 years since my grandmother died too, and apparently the property and other relevant things haven't yet been transferred to either my father's and uncle's names or to our names(two grandsons).
So my questions are:
1) Is is possible for the property to be directly transferred to the two grandsons directly from my Grandmothers name ? Or is it that it has to first transferred to our parents(1st descendants) then to us(2nd descendants) ?
2) What are the costs that will be involved while transferring it ? Should we pay registration tax etc given that its a inherited property and we are the lawful owners now ? If yes for a property worth 20lacs how much would be total cost ?
3) What are the documents that will be required to get the property transferred to our names ?
4) Is there any potential problem if we leave the property still in the name of my Grandmother ? If yes what ?
Please let me know at the earliest, as I have to discuss with my uncle about a possible transfer of property in our names.
Thanks...
