Your brother has to execute registered gift deed or relinquishment deed for his 50 per cent share in property
mere affidavit would not suffice
then apply to society for transfer of flat in your name
Joint ownership of property by mother and son
I own a 3BHK Flat in Lucknow in joint ownership with my Mother who recently died due to Covid19. She has left no Will. Incidently, my Father too died due to Covid19. I have one elder brother who lives in Zurich and does not want any share in the Flat. He is ready to provide me with an affidavit for the same What will be the status ownership of ownership now that my mother has passed away? Also, what do I have to do now to get the Flat legally transferred in my name.
Asked 3 years ago in Property Law
Religion: Muslim
8 Answers
Will the Inheritence Tax be applicable in this case and how much?
Asked 3 years ago
There is no estate duty in India
Hello,
- The NOC affidavit from your only brother would be sufficient to have the Housing Society membership transfer to be completed.
- As you are only 75% owner after the passing away of your mother, your brother will have to relinquish his share of 25% in your name either through a registered relinquishment Deed or Gift Deed.
- There is no inheritance tax applicable.
Dear Sir,
1. you can inherit the property of your mother, provided you obtain an affidavit from your brother and you do not have any other sibling.
2. In India, there is no income tax levied on inheritance. However, any income earned on subsequent investment of the inherited assets shall be taxable.
Thank You!
Since your brother is also having a rightful share in the proeprty and as he is not willing to take his share or rather he is ready to give away his share in the property to your name, he may execute a power of attorney deed in favor of any close relative in India who in turn can execute a registered release deed on his behalf relinquishing his rights in the property.
There is no tax applicable for inheritance of immovable property.
- Since, that flat is in the name of you and mother , it means she was having 50% share in the said flat
- Further, after her death intestate , her share would be devolved upon all legal heirs i.e. you and your brother if there is no sister
- If your brother is ready to release his share i.e. 25% in your favour , then after submitting the same you can apply for mutation in your name
- However, only an affidavit is not enough for releasing the share , it must be through a registered gift deed or release deed , of through HIBA .
- No, tax will not be applicable here.
No
