related to transfer of property (movable and immovable ) by ‘will’

POSTED BY bharat shah ON November 30, 2010 9:51 am COMMENTS (6)

1. which govt. taxes are required to be paid for transfer the immovable and movable property on account of a ‘will’ ? could it be different than if the same would transfer as per law of Laws of inheritance and succession, in case a person died without making ‘will’?
2. is normal transfer stamp duty (for gujarat, now 6% as per my information) as required for sale of residential property , payble in case of transfer of the same on account of a ‘will’ or heritence/succession?
3. in case of a person dies without making ‘will’,and if all eligible family members jointly apply  to transfer the property to one of members to the concerned local authority, what documents are required for such application

6 replies on this article “related to transfer of property (movable and immovable ) by ‘will’”

  1. Deepali Bhoutik says:

    Grandfather having a pension account without nominee
    His son is deceased. If grandfather dies will his widow of predeceased son can claim for pension account

    1. You should get in touch with a lawyer in this case

  2. ShashidharBC says:

    If a person (not married) dies without making a Will. He has 2 sisters, 1 brother (not alive) and also 3 step sisters and 1 step brother. What are the rights of these brothers and sisters in his property i.e. Fixed deposit in a bank.

    1. I think you need to consult a lawyer for this .

  3. bharat shah says:

    @elaya kumar s.

    thank you very much for your precise reply!

  4. Elaya Kumar S says:

    1. If anybody acquires a property by a will, assuming he gets regular income from the property, then that income has to be added to his income for getting his tax liability. If in future, he disposes of the asset inherited under the will, then the question of capital gains tax will arise. Apart from this as per the existing laws no separate taxes are payable to the Government. The same holds good in case of intestate succession also (when a person dies without executing a will).

    2. In case of transfer of property, either by will or by inheritance, no stamp duty is payable as in the case of transfer by sale.

    3. For name transfer in such a case, the person has to apply with the legal heirship certificate along with the consent letter signed by all other legal heirs giving their consent for name transfer in govt. records.

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