mother willing to sell land and divide between sons
Mother owns vacant land. She wants to sell and divide the proceeds equally to her sons.. What is the procedure and advisable legal formalities? What is taxable? Is there exemption if reinvested in property or construction?
If she is the owner of the land then she is at liberty and its her choice to sell it and give the sale proceeds in the proportion she desires. She can sell the land and make a will of the sale proceeds to ensure that her sons do not neglect her when she is in the last stage of her life.
Or else, she can reinvestment in another property within 3 years will entitle her to claim capital gain.
- Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Property Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail.
Get Started >>
Answers by Our Lawyers
- Enemy planning to frame me in false murder case what can be done
- Aunt fleecing money from my husband.
- Parents separated 30 years ago can it be regarded as divorce
- Delay in constructions from contractor asking for more money
- Can Car Parking be taken away once allotted to user