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Property Distribution by father to His Sons.
19-Oct-2023 (In Wills / Trusts Law)
Dear Sir, A very Good morning, My Father would like to distribute his assets to his 3 Sons ( My older brother,My self and My younger brother). what will be the best practice to do and what is the procedure. He is owning all Agricultural lands and 2 houses. In one of the agricultural land I would like to Construct a house, request you to let me know what is the procedure to be followed for conversion of agricultural land to Residential / Commercial purpose. your Answer will help me in understanding the legal proceedings and cleaner settlement of asset distribution or Transfer. Best regards,
If he has a self acquired property and if he wish to give away the property then he can after his death distribute the property by writing his Will.
If during his lifetime he wants to distribute the property then he will have to execute a Gift Deed. Please be clear for Gift deed he is required to registered the same and pay a stamp duty according to the state.
200+
Adv. Siddhant Sharma
Delhi | 200+ Answers
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