Tax efficient process to transmit undivided property share on demise
12-Jan-2023 (In Property Law)
How to transmit undivided share of property of my mother who is not so healthy now, held jointly by my mother,sister&me, saledeed registered 2011 by trial court on behalf sellers heirs based on old suit filed & decreed to us in 2009, original suitor my father who died 2006 and seller died before. Unregd will prepared on NJ stamp paper last year to pass mothers 1/3 share to my son after minorty and signed by mother.All of us prefer mothers 1/3 share passes on to me or my son on her demise, with minimal CG tax. Excellent relations with sister and she wants only her 1/3 share in case of sale only
If ur mother's health permits, then she can visit the Sub-Register office to get the will registered. Or you can request the sub-register to come home and register the will. this will not cost you much, but a safer way with reference to Wills.
Still the best way (Provided you are ok to pay the stamp duty and registration fees) will be transfer the property in to respective shares and register each of the share separately during your mother's life time and provided her health permits , so that all succession issues are resolved during the life time of your mother only.
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 Divorce Lawyers at lawrato.com to address the specific facts and details.
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."