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Tejas Chokshi  |126 Answers  |Ask -

Tax Expert - Answered on Apr 27, 2023

CA Tejas Chokshi has over 20 years of experience in financial planning, income tax planning, strategic and risk advisory, banking and financial products and accounting and auditing.
He is an information system auditor, a forensic auditor and concurrent bank auditor.
Chokshi, who has a master’s degree in management, audit and accounting from Gujarat University, has completed his CA from the Institute of Chartered Accountants of India.... more
SANAT Question by SANAT on Apr 24, 2023Hindi
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Me and my wife jointly own a flat. We have one son and a daughter. Son is employed and married and owns a flat. Daughter has completed her education. We want that our daughter gets our flat after our death. What is the suitable option to transfer our property without affecting us.

Ans: There are a few options you could consider for transferring your flat to your daughter , without affecting your current ownership or enjoyment of the property.

One option is to create a joint tenancy with your daughter. This would mean, your share of the property automatically transfers to your daughter without the need for probate or a will. However, you would need to be sure that you want to give up control over your share of the property during your lifetime.

Another option is to create a life estate, which allows you to continue living in the property during your lifetime while giving your daughter the right to inherit the property after you both pass away. This would allow you to retain control over your share of the property during your lifetime and provide for your daughter's future inheritance.

You could also consider creating a trust to hold the property for your daughter's benefit. This would allow you to continue living in the property during your lifetime while ensuring that it passes to your daughter after your death according to the terms of the trust.

These are the personal views basis your question.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Financial Planner - Answered on Jan 22, 2024

Asked by Anonymous - Jan 21, 2024Hindi
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I am male, 38 and my sister 32. Both are married. Our property in Ahmedabad was in my both parents' name(Each 50% share). My father died in 2020. He wrote an unregistered will in my name. How do I get flat transferred in my name. Is there any way to transfer flat in my name as well as in my sister's name?
Ans: It's essential to consult with a legal professional to get accurate advice tailored to your specific situation and the laws applicable in India.

Here are some general steps and considerations:

Probate of Will:

If your father left a will, the first step would typically be to probate the will. Probate is a legal process where the court validates the will and gives legal authority to the executor (you, in this case) to distribute the assets according to the terms of the will. Unregistered wills can also be probated, but the process may vary.

Legal Assistance:

Consult with a lawyer who specialises in property and inheritance laws. They can guide you through the specific steps and requirements for probating an unregistered will and transferring the property.

Transfer of Ownership:

Once the will is probated, the legal process for transferring the property into your name and your sister's name can begin. This may involve updating the property records and obtaining a new title deed.

Inheritance Laws:

Be aware of any local inheritance laws that may affect the distribution of property. In some cases, there may be legal provisions for the surviving spouse or other heirs.

Mutual Agreement:

If you and your sister both agree on the distribution as per your father's will, the process may be smoother. You might consider a family settlement deed or another legal document to formalise the agreement.

Update Property Records:

Ensure that the property records are updated with the appropriate authorities, reflecting the change in ownership. This may involve submitting the probated will and other necessary documents.

Tax Implications:

Consider any tax implications associated with the transfer of property. In some cases, there may be stamp duty or other taxes involved.

Legal Heir Certificate:

Obtain a legal heir certificate if required, as it may be necessary for certain legal procedures related to inheritance.

Remember, the specific steps and requirements can vary, and it's crucial to seek professional legal advice to ensure a smooth and legally valid transfer of the property.

Consult with a good lawyer who can guide you through the process based on the laws applicable in India.

..Read more

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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