Property taxation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 August 2010
A person wishes to sell his flat (which is in his father's name). His father passed away in 2002. After his father's death, he had submitted the society nomination form in his name and the shares were transferred in name of his mother. However, his mother also passed away recently.
What would be the tax implications in this matter? Also kindly advise on legal formalities to execute the deal.
What would be the tax implications in this matter? Also kindly advise on legal formalities to execute the deal.
24 August 2010
If his father had died intestate then succession certificate is to be obtained from the court to prove that he is the legal heir.After having obtained the succession certificate he would be able to sell out the flat in the name of his father and the shares held in the name of his mother .If there are more than one legal heirs then NOC is to be obtained from all the legal heirs to sell the flat
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