How to show family property received from mother to save tax?
can we show it as gift received?
Whether building to be received in HUF name or individual name?
can anybody explain me the whole legal process??
Mihir
(Wealth Manager)
(5293 Points)
Replied 21 August 2013
Will become active only after the testator passes away. Will can be altered 'n' number of time by the testator. Will can be registered with the registrar. After the testator passes away, the legal heirs is required to probate the Will. An executor of the Will is also named who shall probate the Will and look after the administration of the estate to ensure the rightful owners shall be the beneficiary of the estate. Two witness is required to attest the Will.
A person can also gift the estate, moveable and/or immovable property to the legal heirs while still alive. Gift deed is required to be made duly stamped and registered. Gift deed is also a transfer document. Two witness is required to attest the gift deed.
In both the above case, the beneficiary is not liable to pay tax on the estate received. It is only when the estate or part thereof is sold, long term capital gain will apply.
Both, gift deed and Will is not absolute; it can be challenged in the court of law.
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