mohit (finance) 21 October 2013
Further to my query on succession of DDA MIG flat, further I have some queries
1. What is the difference in Succession & transfer of property. In succession do one needs to pay Stamp Duty also.
2. Do class 2 legal heirs have an equal right in property? Is it necessary to get NOC from class 2 category?
3. 2 sisters are willing to relinquish their share through Relinquishment deed. Does relinquishing their share in property will create any income tax implication.
Jairaj (Partner) 21 October 2013
Succession is inheritance of property mainly for reasons of family ties and by virtue of death of the owner of the property (not always) and maybe either through the coming into execution of a testamentary document (will) or otherwise (like partition or gift etc etc). It is not for consideration (with the exception of partition in some cases). Transfer of property is conveying property for lawful consideration (except in the case of gift and other similar instruments of non-consideration.
Execution of a testamentary document entails payment of stamp duty.
Class 2 legal heirs succeed if there are no class I legal heirs. regarding their shares you may refer to the schedule at the end of the Hindu Succession Act (presuming this being the point of contention).
Succession by Class 1 legal heirs requires nothing of the sort.
Relinquishing share in immovable property and tax implications, kindly get a tax attorney sign off on this issue.
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