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Bringing Property into Books

Tax planning 667 views 1 replies

Sumit B Choksi

CA Final

422 Points Posted on 16 July 2011

My Client is facing the following situation:

He is currently staying in Gujarat from 20 years. He wants to bring into his books (i.e Balance Sheet) land & building owned by his deceased father. His father had died 20 years ago. His father in his will has stated that "all his belongings will belong to his son after death". No particular property or item is mention in that will. This property is in Rajasthan and was owned by his father and forefathers. How should the assesse bring this property into his own books. What is the legal way and the best way.

Please provide all the details step-wise... i.e. whether to make a will, whether to get the property registered on his own name etc. etc..

Please help very urgent...!!!

Replies (1)

U S Sharma

glidor@gmail.com

21068 Points Posted on 16 July 2011

he has to move to civil court of rajasthan, under which juridiction the property (ies) is (are) situated, file a claim for getting probate in continuation to the will

court will ask him to publish the claim in local news paper and if no party stand aginst his claim, court will grant the succession to him.

at the succession order, local municipal bodies / BLRO will transfer property in his name.

while moving to court he has to file list of properties against which he want succession.

location wise he can file to multiple courts if the properties are at diff locations.