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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:- I am married and have two children. However, I had a girl friend with whom I had intimate relationship before marriage and have two children from her. My girl friend is dead.  I own some properties, which are self-acquired and also some inherited ancestral property. I want to settle the issue of properties, now itself to be operative after my death to avoid any disputes. Can I give some portion of the properties to my children from my girl friend?

Q:- I am a Hindu widow. My son is a minor, who has immovable properties. My husband had made a Will bequeathing some properties to my son. My husband by a separate will also nominated his brother (my brother-in-law) as the guardian of my minor son, and the properties. My brother-in-law is not a good person and cannot be relied upon. As a mother, do I have any hold on the properties of my minor son? Please advise.

Q:- I had purchased a house in Basaveswaranagar, which I had bequeathed to my only daughter.  The will is registered.  Unfortunately my daughter is suffering from serious heart problem and needs hospitalization and surgery.  The doctor has informed that the entire process may cost two lakhs and some additional amount for post operation treatment.  I want to mortgage my house which is willed to my daughter and avail loan.  Please advise whether it is possible?

Q:- The Khata of property which we own is still in the name of my father who has died five years ago. At present the property is jointly owned by my mother, me and my sister as per the will made by my father. Tax paid receipts are issued in the name of my father. The property is in Gokula Extension, Bangalore. Please advise the procedure for transfer of Khata in our names. Can the Khata be in any one of our names?

Q:- I own a property jointly with my sister, which is acquired by both of us out of our own funds. I am aged and my sister is taking care of me as my children have abandoned me. Please inform how I can transfer my share in the property to my sister, without much expenditure in my lifetime?