FORUM
Is it necessary to make a will?
I have purchased a house in my name and that of my first son. I would like to know what would be the implication after my death. Is my first son the independent owner or my wife could have the ownership till her lifetime since she becomes the natural inheritant. Further after her life time ownership completely passes to my first son or since I have second son too, could he claim the property.
Should I make any will stating that after my lifetime my wife should have a hold over the property till her lifetime and thereafter it can be passed on to my first son.
G.S.Mani,
Chennai 600 011
Mr. R.L. Narayanan replies: From your name, it is taken that you are a Hindu by religion. If no specific assurance is indicated in your purchase document, then you will have an undivided half share in the property and your son will have an undivided half share in the property. After your lifetime, your undivided half share has to be distributed to your legal heirs. As such, assuming that your wife and other children are the surviving legal heirs, they will get an equal share in your half share. A will can be made as contemplated by you if it is a self-acquired property, you can dispose it of in any manner that you deem fit. There are also other methods of distributing the property. You may consult your lawyer.
The tax factor
I'm a citizen of India who has been working in the US for the past ten years. I had purchased a flat in Chennai three years back through NRI loan. Now I'm planning to sell it. I had paid about Rs. 35 lakhs when I bought the flat. I'm planning to sell it for Rs. 85 lakhs. Let me know if I need to pay income tax on the capital gain and if so how much it might be. Are there ways to claim exemption if I re-invest a portion of the money in another flat and can I take the remaining money to the US?
Venkat
Mr. Narayanan replies: It is advisable for you to take a consultation from a Chartered Accountant.
Maintenance fee revision
We are living in "Jain's Avenue" at Chitlapakkam. We are running "Jain's Flat owners association for the past six years. We have been facing problems in regularising maintenance charges, because we live in 17 blocks isolated each other and total family consists of 68 in nos. In our next financial year, we are planning to revise our charges for maintenance and accordingly we need your help in doing this.
Can you provide us some template for this to regularise and suggestions to rationalise the maintenance charges for this?
S. Ravirajan
Secretary.
HP.
Mr. Narayanan replies: The exact issue or problem relating to the association is not clear. Depending on the consensus of the members of the association and taking into account the representations and concerns of each block, you may take suitable action. As the question too general in nature, I may not be able to provide specific response.
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