Property transaction through nomination
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 August 2011
My father had a residential property in Mumbai. After his expiry, the property was transferred to my mother's name through nomination. Now my mother has sold the property to me through a Transfer Deed and distributed the proceeds equally to the legal heirs (herself, 4 brothers including myself and 2 sisters). The registrar office accepted the transaction and the society issued me a share certificate in my name. We are a muslim family. Will this transaction be valid, considering the fact that the nominated member distributed the share appropriately.
22 August 2011
Instead of sale there should have been a Gift Deed. In fact your mother has not received any consideration from any of her sons and the other problem may come from the income tax department for payment of Capital Gains Tax. No matter you have paid higher stamp duty and the transaction is a valid transaction. If you have any objection in your share then also you cannot do anything as because it has been done through the deed of sale. Why and how it has been done I am not in favour of this transaction.
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 August 2011
Thanks Mr. Agarwal for your valuable response. I will appreciate your clarification on the following. The Sale Deed was signed only by my mother and myself (the other legal heirs - my 3 brothers and 2 sisters) were not signatory to it. Before the transaction, we had also advertised in the papers for any objection from anyone. There was no response on the same. One of the legal heirs (a married sister living elsewhere) has now refused to accept her monetary amount and raised an objection to this transaction. In case the matter goes to court, can this transaction be considered invalid.
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