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POSTED BY ON September 1, 2012 7:34 pm COMMENTS (5)
Dear ASHAL and all team of jago invester ,
kudos to all of you what u r doing for us ,thanks a lot.
this query is related with me , my father left some property–
1 ppf — 23 lakhs
2 bank fds –5 lakhs
3 plot of land 3 in no — worth 12 lakhs
4 one house in which they were living in the name of father with mother
5 one house in the name of mother -getting rent 12000 pm
6 mother is getting pension of 25000 behalf of father
my questions are
1 how can use cash in hands like ppf and fd amount we brothers don’t need money
instantly
2 what to do of plots they r in the village side ,appreciation i think will be more in town side
3 how to use pension amount and rent amount— whether start rd ,fd or mf
regards
dilip
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Dear Dilip, are you asking for your part only or for all siblings? if all siblings, how many are there? Please put the no. clearly say 3 Bro & 2 Sis ……
Are you Hindu? Do not think me wrong for this blunt question, I’m asking this from financial point of view.
Did your father made any WILL or died with out making any?
Thanks
Ashal
DEAR ASHAL
UNFORTUNATELY NO WILL ,WE R 3 BROTHERS AND 1 SIS , AND I M ASKING ABOUT IN TOTAL ,NOT ONLY MYSELF. DEF WE R HINDU.
REGARDS
Dear Dilip, money from the investments PPF or FDs is with you people or not?
The house in name of mother, was irt purchased from father’s money or mother’s funds?
Are you people ready to create 3 individual HUFs for 3 brothers?
Pension is mother’s own income.
To sort it out in a better way, you may take help of a professional by paying him/her a fee (say Ca or Tax consultant)
Please clarify.
Thanks
Ashal
Dear asal
thanks for reply yes all money of fd and ppf is in mothers saving ac right now.
And land plot in the name of mother purchased by father from his income only.
Regarding huf i have huf and formation for others just guide me what r the ways we can take benefit .
As per prof advise i am in touch with my ca but your guidance will be valuable for me
regards
dilip lalwani
Dear Dilip, the amount of your share from the PPF & FDs etc. should be deposited in your HUF account. Same thing should be done for your brothers. This way the tax liability ‘ll be nil at the time of receipt as well as low at the time of income from investment of such amounts.
As you are already in touch of your CA, please ask him to help you out on these matters.
Regarding the 3 plots, all of you 5 members i.e. Mother, 3 Bro & 1 sis should decide how to devide. In case each brother, wants to keep 1 plot under his HUF, same can be done but in that case, others shares in the said plot should be purchased under a common family settlement for all 5 of you.
Thanks
Ashal