Property Agreement Between Brothers

The act of colonization between brothers and sisters residing abroad can be carried out in the country where they reside. If the transactional writing refers to the distribution of the estate and if it has been executed abroad, stamp duty is paid in India and, if it is mandatory, it is carried out at the office of the sub-registrar where the property is located. The rental of real estate is a transfer of a right to benefit from such property which, for a period of time, explicitly or implicitly or permanently, taking into account a price paid or promised or a share of crops, services or other cause of… Therefore, an amount would have been paid to the brothers against the waiver of their property rights. Once the payment is made for such a waiver, it can no longer be said that such a transfer was out of love and affection. According to the AO, the provisions of section 56, paragraph 2, point vii) (b) are attracted. 5.1. Ld. CIT (A) also found in turn that the notator was required to explain the source of the investment in the property and that it would report to the disaster of investments that will not be fully disclosed in the accounting accounts covered by Section 69B of the 1961 Act.

Thus, the difference in the district rate and the investment of Rs.12 Crores, which the auditor shows, would still be taxable in his hand. The Ld. CIT (A) therefore dismissed the notator`s appeal. The brother was visibly embarrassed and upset to sit in a law firm and talk about the inner dynamism of his family. His parents had bought the building when he was a teenager, and his elderly widow mother was still living in one of the units of the six-part building in a beautiful neighborhood. The brother who was sitting in front of me… I call him Bill… was the eldest of three children and his younger sister and brother had him manage the rental aspects of the property for a decade and obtained a small scholarship from his mother for the extra work. It is therefore important to be aware of frequent ambushes as we try to design and implement an agreement to ensure that there will be no controversy about this in the future. Ownership is usually long-term, but the dynamism within a family changes all the time. Children grow up and create businesses or jobs, have their own children, divorce, are hindered.

When marriages take place, new people enter the family with their own needs and expectations, often in contrast to the family of origin. Structural ownership means that a new entity is created to own all or part of the property, and the rules and obligations relating to the property are determined by the structure and documents established for the creation of the business. Family members have the structure that in turn belongs to the property. Rights and obligations are defined both by company law and by the company`s provisions (such as purchase and sale agreements and contribution rights) that the lawyer and family discuss and organize in an artisanal manner. These institutions include family partnerships; Limited liability companies Businesses Partnerships, leases in common agreements. The first step towards litigation, including a division of ownership action, is to carefully establish and transmit a legal reference to the other heirs of the property in relation to the division/establishment of the family property. The intelligent family will understand that careful planning is necessary and will avoid the illusion that a happy family does not have to deal with the problem of proper structuring of the co-ownership of property.