Is there a tax-friendly method for dividing my mother’s property?2 min read 15 Aug 2023, 10:27 PM IST
As per your query, we infer that your mother had acquired the immovable property in Delhi and such property was not inherited by her from any of her parents. We assume that your mother was a Hindu and that she died intestate, i.e. without leaving a will.
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?