Property inherited between siblings

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Vishal (Querist)
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05 May 2014 Hello, My mother & her sister inherited their fathers property...My mother intends to buy her sisters rights at market value...
Does she have to show this as a sale/make a release deed for consideration/can she show it as a gift, & eventually gift her the market value

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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06 May 2014 yes she can gift to ur mother by simply making a gift deed in this regard.

Vishal

Vishal (Querist)
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06 May 2014 thank you tushar for your reply...
just to be clear...she can gift my mother the property & my mother can gift her the market value in return?
Also can you pls confirm if this monitorial consideration is liable to capital gain?

Vishal

Vishal (Querist)
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06 May 2014 My friend's friend, lawyer, advised me to go for a family settlement deed, which involves no stamp duty.

She will be entitled to pay capital gain, unless she reinvests in property.

Sounds perfect, could you give me your opinion?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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06 May 2014 yes that lawyers suggestion is better to avoid any stamp duty.

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