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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:- We are three brothers. The youngest one ran away at the young age of 15 and there was no news about him for the last 14 years. We filed a police complaint and made all enquiries through available channels. During this period our parents passed away and we got the properties divided between the two of us. Now the brother has come back and he is claiming his share. Is there any way to solve this unexpected problem?

Q:- My father owns a property in Bangalore. If consists of ground floor only, we are two brothers and one sister. Property in question stands in the name of my father, which is self acquired. I have been granted a home loan to construct the first floor, my sister and brother wants to construct the second floor. But my father has refused to give no objection letter or even cede our proportionate share in the property. Please advice how to overcome this problem.

Q:- Can I make a joint will with my wife?

Q:- I had signed as witness to a Will of my friend, who expired recently. His legal heirs have approached the court and I have been summoned as a witness. Really I do not know the contents of the Will, but has seen my friend affixing his signature. Please advise what is my role?

Q:- I had signed as witness to a will of my friend, who expired recently. His legal heirs have approached the court and I have been summoned as a witness. Really I do not know the contents of the will, but has seen my friend affixing his signature. Please advise what is my role?