Property inherited between siblings
This query is : Resolved
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
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
06 May 2014
yes she can gift to ur mother by simply making a gift deed in this regard.
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?
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?
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?
She will be entitled to pay capital gain, unless she reinvests in property.
Sounds perfect, could you give me your opinion?
06 May 2014
yes that lawyers suggestion is better to avoid any stamp duty.
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