The following article was first published in the Mint newspaper on 15th August, 2023. The same was written by our Private Client team at Cyril Amarchand Mangaldas, who frequently publish their comments and opinions in the Mint. The online version of the article can be found here.
My father, my sister and I are the sole legal heirs of my mother’s immoveable property situated in Delhi. My father wishes that the said property or realizable value thereof may be shared equally by both the children. What is the suitable, tax-friendly method of achieving this division of property? One simple way could be that my father signs a deed of relinquishment before the mutation of the property. Is there any other alternative method that will be tax efficient and would not entail payment of stamp duty or any other levies
—Name withheld on request
I am a 70-year-old retired service personnel living with my wife and two children (a daughter and a son). I have prepared a will on a ₹10 stamp paper and got it attested by a notary. Is this will acceptable as a legal document or should I get it registered.
—Ajay Kumar Gupta