My father bequeathed an office space to me, as well as one-third of a plotted house to me and my two sisters. We want to sell these. Can we sell these by virtue of will ownership or will we have to get ownership transferred in our names? In the latter case, would it attract any registration duty or any other charges? What’s the most economical way in which a will can be registered? – V.N. Anand
The properties will get transferred in the name of the beneficiaries as per the terms of the will once it is probated or executed by means of the process required by law. You and your siblings (beneficiaries) cannot sell any of the bequests without having the ownership of the concerned properties. Stamp duty is not levied in case of receipt of any property by virtue of will. However, as and when you sell it, the buyer would have to pay the stamp duty in order to get it transferred and registered in his name. Registration fee and stamp duty charges for the will are fixed by the statute and have to be paid as per the applicable rates. However, one can negotiate the professional fee to be paid to the lawyer.
I am a joint owner of a property along with my husband. The property was bought with his money as I am a housewife. What will be the disposition of the property if he predeceases me or if I predecease him? — Sumi
If the deed of property does not have an exclusive provision about the disposition of the shares of a joint holder or any contradiction with the general rule therein, the disposition will be executed by following the relevant succession laws in case the joint holder dies intestate. In case of a Hindu male, the shares of the property (50% by default) shall equally devolve to Class I legal heirs of the deceased. These include the mother, widow and children of the deceased. In case of a Hindu female, the shares of the property (50% by default) shall devolve equally to Class I legal heirs of the deceased. These include the husband and children.
My father has some ancestral property but I don’t want any share in it. How can I Q abandon this property while my father is still alive? — Adarsh Patel
One can willingly assign his right or interest in the ancestral property in favour of any specific family member or in general, or forgo his right or interest by giving a no-objection certificate (NOC) in favour of other members.
Disclaimer: The responses are based on limited facts provided by the queries. It is advisable to consult a legal practitioner after presenting full facts and documents. Responses should not be considered as legal advice in any manner whatsoever.