what would happen if a property owned by a parent is transfered as a 'gift' to the son or daughter? How much is the gift tax and what difference does it make?
RE:Gift tax
by Amitabh Akolkar on Apr 18, 2007 08:39 PM Permalink
no tax on inherited property mate. you just have pay to register the property in your name. it doesn't have to be a gift.
Hi, My late father had bought a house in one of Delhi's resettlement colonies(Palam). The area is in the list of colonies to be regularised. However since it was bought by way of Power of Attorney, I don't know how to get the title transferred in the name of legal heirs. Anyone having an idea please help. thanks in advance.
RE:How to do title transfer for property bought on Powrer of Attrorney
by Ashok Gupta on Apr 18, 2007 02:59 PM Permalink
This is a very tricky situation as the original power of attorney has expired and apparently there is no sale deed either.Is there a will left by your father ? Please examine the ownership records and check if your fathers name has been incorporated - consult a good lawyer immediately as many formalities need to be completed before any advice should be given.
RE:How to do title transfer for property bought on Powrer of Attrorney
by Amitabh Akolkar on Apr 18, 2007 08:40 PM Permalink
consult a lawyer asap as you could be in real trouble as there is no deed
Can a registered will be challenged ? We read in the papers that the non-beneficiaries sometimes challenge the registered document? What happens in this case even if the document is legally made and is genuine.
RE:can a registered will be challenged ?
by Amitabh Akolkar on Apr 18, 2007 08:42 PM Permalink
will can be challenged if you have another will that was made later. will can also be challenged if you can prove that person who did the will was not in correct frame of mind when the will was written
WISH TO KNOW HOW TO MAKE A WILL, I MEAN FORMAT OF A WILL, SHOULD BE ON STAMP PAPER OR NOT. (IS IT APPLICABLE TO ALL INVESTMENTS LIKE , POST OFFICE SCHEMES, BANK ACCOUNT, DEMAT ACCOUNT, PPF ACCOUNT ETC.) HOW MANY WITNESSES ARE REQUIRE, IS IT REQUIRE TO BE REGISTERED WITH ANY AUTHORITY OR NOT.
RE:will
by on Apr 18, 2007 02:32 PM Permalink
Will doesn't need to be made on Stamp Paper. It can be on normal paper, but it is advisable to register it.
RE:will
by on Apr 18, 2007 02:35 PM Permalink
You must include all investments as they are also assets. Whether it is shares, PO deposits, MFs etc, you should define an inheritor for all assets. For Bank Accounts and DMAT accounts, it is advisable to have joint accounts ro at least nominations as otherwise when the account holder dies, the account cannot be operated. You require 2 witnesses.
