shanti (manager ) 28 February 2013
hi, we have an ancestral property which is in my moms name which she has got by way of my dads will. teh said property was intially bought by my dads grandfather in 1909. Sinc my dads death, the tax papers and other related documents are in my mothers name.
To save capital gains and the hassle of gift deed can the sale agreement be made as my mom and her four children as sellers or transfereors? (since its ancestral...) or can the sale agreement be made only by my mom?
pls advice
JT Rajasuriya, Chennai (Advocate 98410 53790) 28 February 2013
Ms shanti,
If u consider, that you can save on some taxes by splitting the,property, then the same can be done suitably and then sold.
shanti (manager ) 28 February 2013
Does one need to do the splitting well befoe the sale? i mean is there a time frame to do the splitting. is it not the case that since its ancestral it is understood that everyone has equal rights?
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