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Cancelling Ancestral property partition case and receiving money..
23-Oct-2024 (In Property Law)
We have filed a mutual family partition in a court. Currently our share of land is in my mother's brother name. My mother's brother is saying instead of taking a partition, I will sell your portion and handover the amount to you. So in this case he will be the seller and third party will be the buyer. If we receive that amount what is the document we need to obtain in order to avoid tax on it..
You can make agreement for that amount what you will have recieve. Amount, bank, cheque number, and date should mention in the agreement. Specific matter should also mention. If you need any information about this issue please contact me.
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Adv. Savitha Savi
Mangalore | 200+ Answers
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Firstly, kindly provide the final decree copy. The ownership of the property will be determined in accordance with this decree.
Following this, a gift deed can be prepared and executed in your name to formally transfer the money.
for more information kindly furnish the documents.
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Adv. Vasudha S G
Bangalore / Bengaluru | 50+ Answers
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