My father and another person co - owned a basement. After his death , our father is survived by 3 legal heirs. There is a person ready to buy this property. My questions are :
1. To attach names of the 3 of us to the property in Pune what is the procedure
2. Can the 3 of us sign a relinquishment deed in favour of the partner of our late father in lieu of some monetary compensation
3. Would the money we get out of selling of this property be taxable or non - taxable ?
1 Answer from Attorneys
Dear Sir / Madam,
1. You will first need to get the property transferred in the sole name of your father by complying with the prevailing procedure for transfer with the Tehsildar / District Registrar in Pune. You should check with the Tehsildar whether three names can be added onto the title of the property.
2. If the legal heirs of the deceased partner are in Agreement to receive monetary compensation, you should settle them off.
3. Depending upon the period for which your father and his deceased partner held the property, it will attract Capital Gains tax.