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I am 66 and I have willed my house to my daughter though I have three more sons.  But she wants to sell the same now itself. What is the procedure to make a sale deed in favour of her or my son-in-law as GIFT for a nominal amount as compensation to me? In this way I may be able to gift the house as well as pay my other sons. Is it allowed to quote a nominal amount (it will be less than the real value of the house) for the gift of the house?  In this case what would be the registration charges to be borne by me for registering? Will there be capital gains tax towards the nominal sum which will be far less than my original investment?

- by Hanumanthappa, HSR Layout

You can sell the property at any rate decided by you.  However, the stamp duty and the registration charges will be computed on guidelines value. 

Further, capital gains tax will have to be paid at the guideline value irrespective of the amount for which you may sell the property. In my opinion, a settlement in favour of your daughter will be one of the options.

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These are all the legal questions answered by Advocate S.Selvakumar in various magazines, in various occasion including realestate reporter monthly.

QUESTIONS

Q:- My father had inherited some ancestral properties from his father.  He has sold one such immovable property when I was minor and utilized the sale proceeds for his visit to USA.  The said sale was done when I was five years old.  Now I have competed 18 years on 15.6.2008. I am the only son to my father.  I want to assert my claim over this ancestral property.  Please advise me suitably.

Q:- I have a self-acquired property. By a Will I bequeathed the property to my son and registered the Will. Thereafter, I changed my mind and bequeathed the property to my daughter through another Will, which is not registered. Is this valid?

Q:- My husband died leaving behind him, my child and me. I depend on the income from my husband’s property. Now, my mother-in-law is asking for a share in the property. She has other income. Is she entitled to a share in my husband's property?

Q:- We are three brothers and we have inherited the ancestral property situated in Chamrajpet, Bangalore. The original property was owned by my grandfather, which was, partitioned between his two sons, one being my father. The Partition Deed is registered. On the death of my father we three broth¬ers, orally partitioned the parti¬tion. The portion deed is not in writing and not registered. But all the three have separate khatas and properties are assessed separately. Is it necessary to have the Partition Deed registered? We three broth¬ers are in good terms with each other.

Q:- I have converted from Hinduism to Christianity. Will change of religion affect my succession to the property of my Hindu parents?