I'm 36 year old. My father got the amount of share from his father property. He brought the old house with portion of the money and brought some Gold to my Sister. Later due to leakage problem I have planned demolish the house and planed for construction of new house in that portion. My father not done any savings. For the construction I have invested my money. Now my sister asking for the money. Whether I need to pay share in this? Since both parents are still with me.

Ans: Dealing with family property issues can be complicated, and it's essential to understand the legal and tax implications before making any decisions. Here are some options you can consider:

Sell Schedule Property-2: If you decide to sell the Schedule Property-2 to pay your sisters' share in Schedule Property-1, you may have to pay capital gains tax on the profit earned from the sale. However, you can claim an exemption from capital gains tax by investing the sale proceeds in specified assets, such as residential property or bonds, within a certain period. It's best to consult a tax expert to understand the tax implications and explore the available options.

Gift Schedule Property-2: You can gift the Schedule Property-2 to your sisters, but it may attract gift tax. However, you can also consider transferring it as a family settlement, which is a legal agreement between family members that divides assets and liabilities in a fair and mutually agreeable manner. It's advisable to consult a lawyer to draft a family settlement deed and ensure that all legal formalities are completed.

Transfer Schedule Property-1: If you want to transfer the Schedule Property-1 on your name, you need to execute a gift deed or a sale deed, depending on whether you want to transfer it as a gift or sell it to yourself. However, if there are other legal heirs or claimants to the property, such as your sisters, they may contest the transfer, and you may have to go through legal proceedings to establish your ownership rights.

Mediation: If you and your sisters cannot agree on a solution, you can consider mediation, which is a voluntary process where a neutral third party helps you reach a mutually agreeable solution. Mediation can save time and money compared to going to court, and it allows you to maintain family relationships.

In summary, before making any decisions, it's best to consult a tax expert and a lawyer to understand the legal and tax implications and explore all available options. Additionally, it's essential to communicate openly and honestly with your sisters and try to find a solution that is fair and mutually agreeable.

Ans: In India, the legal rights of inheritance to ancestral property are governed by the Hindu Succession Act, 1956. According to this act, as a daughter, you have an equal right to inherit your father's ancestral property along with your brother and mother, irrespective of whether a will has been made or not. This applies even if the property was acquired before the 1956 Act came into force.

Your brother cannot deny you of your legal right to inherit the ancestral property. If he is doing so, you have the right to take legal recourse and file a suit for partition of the property in court. You can also seek the assistance of a qualified lawyer to help you understand your legal rights and the process of claiming your share in the property.

It is important to note that the exact share of each person would depend on various factors such as the number of legal heirs, the type of property, and whether any partition has taken place in the past. A qualified lawyer can help you understand these factors and assist you in taking the necessary steps to claim your rightful share in the ancestral property.