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Property sharing between siblings thru Will
26-Nov-2024 (In Wills / Trusts Law)
My dad bought agriculture land (in AP), this is self acquired property not inherited. My dad is working on creating a Will. For me and my brother. I’m an NRI, my dad wishes to write the agriculture land for me, I cannot take it as a gift or transfer it to my name based on my residency status. Hence I’m relying on the Will. What should I do or my dad to make sure this is done without any issue later on.. between me and my brothers family.
Based on your query, it is possible for you, as an NRI, to execute a gift deed or a will. There are no legal restrictions preventing you from doing so, provided the required procedures are followed and all documentation is in order. Both options are valid ways to transfer property or assets, depending on your preference and circumstances. A gift deed allows immediate transfer of ownership, while a will takes effect after your lifetime. Ensure compliance with applicable laws, including stamp duty and registration requirements, for a smooth process.
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Adv. Vasudha S G
Bangalore / Bengaluru | 50+ Answers
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