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Author Topic: Ancestral Property  (Read 647 times)

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Offline sachinp01

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Ancestral Property
« on: September 17, 2014, 10:59:59 PM »
We have a 3 floor building in Deonar, Mumbai in the joint ownership of -
1- My mother - Deceased
2 - Elder Brother
3 - Aunt (Single / Not married / No legal heir)
4 - Aunt (Single / Not married / No legal heir)

My mother's rightful heirs are my brother, sister and myself.
I was not in Mumbai for last 11 years and have now come back. Currently I have no place to stay and hence I am planning to extend the building by adding another floor (4th floor) to the existing building.
My CA said that my brother can legally gift me the flat but I will have a pay a stamp duty that will be substantial. Other suggestion I got is the get my mother's name replaced by my name in the property deed. This will give me ownership to add a floor and not pay a stamp duty. None of the other owners / heirs has any issue if my motherís name is replaced by my name.
Please suggest the ideal way where I would need to pay minimal stamp duty / taxes.

 

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