My father had purchased a property in 1999 with Joint ownership (Father and Mother). My father expired in 2007 and it was transferred in the name of my mother.

My mother nominated both her children equally through Nomination forms with Society. My mother passed away in 2019 and society transferred the property in the name of me and my brother (Affidavit was submitted).

I am a co-owner and I intend to purchase my brother’s share and purchase his right through housing loan. Wanted to know whether such a transaction will qualify for housing loan and whether lending institutions will grant me housing loan to buy his share of right?

Ans: I feel both answers are not pertaining to income tax act. You can check with Bank

Ans: In this situation, while the nomination paper registered in your favor with the housing society indicates your mother's intent for her share of the flat to be transferred to you in the event of her demise, it may not be sufficient to legally transfer her ownership rights to you while she is alive.

To transfer her 50% share of the flat to you during her lifetime, it's advisable to execute a gift deed. A gift deed is a legal document that formally transfers ownership of property from one person to another without the exchange of money. By executing a gift deed, your mother can legally transfer her share of the flat to you, and the deed will serve as evidence of the transfer.

Consulting with a legal expert or a property lawyer experienced in real estate matters would be prudent to ensure that all legal requirements are met and to facilitate the smooth transfer of ownership rights. They can guide you through the process and help draft and register the gift deed according to the applicable laws and regulations in Navi Mumbai.

Ans: Yes, your mother can get her will registered for the residential property, allocating half share to each of her sons. This process involves several steps to ensure that the will is legally valid and that there are no disputes in the future.

Steps to Register the Will
Drafting the Will: The will should clearly state her intention to divide the property equally between both sons. It should include specific details about the property, such as its location, registration details, and any other pertinent information.

Appointment of Executors: Your mother should appoint one or more executors in her will. Executors are responsible for carrying out the terms of the will. It is advisable to choose trustworthy and impartial executors.

Witnesses: The will must be signed by your mother in the presence of at least two witnesses who are not beneficiaries in the will. The witnesses must also sign the will, confirming that they saw her sign it.

Registration of the Will: Although not mandatory, registering the will with the local sub-registrar’s office is highly recommended. This provides a legal safeguard against future disputes. The process involves:

Visiting the local sub-registrar’s office.
Submitting the will along with required documents (proof of identity, proof of residence, etc.).
Paying the registration fee.
The sub-registrar will then record and register the will.
Additional Documentation and Steps to Prevent Future Disputes
To further ensure there are no disputes in the future, consider the following additional steps:

Family Settlement Agreement: If both sons agree, your mother can draft a family settlement agreement. This agreement can state that both sons have agreed to the equal division of the property and that they will respect the terms of the will. This should be signed by all parties involved and can be notarized for added legal strength.

Declaration of No Objection: Both sons can sign a No Objection Certificate (NOC) stating they have no objections to the property being divided equally as per their mother’s will. This can be attached to the will or kept as a separate

Consulting a Lawyer: It is advisable to consult with a property lawyer to ensure that all legal formalities are correctly followed. The lawyer can help draft the will, the family settlement agreement, and the NOC to ensure they are legally binding.

Updating Property Records: Once the will is registered, ensure that the property records reflect your mother’s ownership clearly. This will prevent any claims of ownership or legal complications in the future.

Informing Family Members: Make sure that all family members, especially the beneficiaries, are aware of the will and its contents. Transparency can often prevent misunderstandings and disputes.

Summary
Your mother can proceed with registering her will to divide her property equally between her two sons. The will must be drafted properly, witnessed, and ideally registered with the sub-registrar’s office. Additional steps, such as a family settlement agreement and a No Objection Certificate, can provide further assurance that there will be no disputes in the future.

By following these steps and seeking professional legal advice, your mother can ensure her wishes are respected and that her sons can receive their shares without any legal complications.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in