Saturday, July 27, 2013

Questions to "...can my father transfer all SELF earned proprty to brother , sister.." and will I escape IRBM


Fear of Inherited Property / Inheritable property / Inheritable house  being claimed by estranged wife when new Hindu marriage act amendment comes in :

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FIRST OF ALL father's self earned property is NOT inherited or inheritable as of now. BUT if father dies intestate (without will ) during the divorce case, then that self earned property also becomes inheritable by you (your share say ) so you MAY be in a soup  as your estranged wife may claim a share !!!

We assume you wish to avoid this .... hence the whole discussion

So your  dad has to make a will and give away all SELF EARNED property to all children / mother etc , i.e. people other than you . for the sake of this discussion .... Lets assume your dad does it 

Situation : 
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Stage 1. Your dad has given away property to mother / sister / brother without considering you 

Stage 2. Some years later Your divorce case with your estranged / ex wife is over and after you have escaped IRBM , 

Stage 3 : let is say you are at a point (stage 3) when you and your good goody brother / sister / mother are ready to re split the property once again and give you your share 


Are there any possible issues / problems : 
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1. Sister's spouse, brother'w wife can oppose ... and claim share [say 1 YEAR.. 2 Years...5 years... 10 years from now ... after all divorce case etc appeal etc etc AND when sister / brother is trying to transfer back] 

2. sister herself / brother can change her mind !!:-) and refuse to give you anything and you can't do much about it 

3. Brother's son, sister's son will have a right to the property because it NOT self earned by brother (brother's son's father) and it IS ancestral for grand son (brother's son -> brother -> brother's father) I am reasonably sure about this . .... [ this is say 1 YEAR.. 2 Years...5 years... 10 years from now ... after all divorce case etc appeal etc etc and they are trying to give the property back to you ] 

4. IF before all of this, IF you (the fighting husband) has a son and IF that son (your son) is with the mother (your estranged wife), that son himself can file a minor suit and drag sister / brother or their children to court and block property for 2... 3... 5... 10 years , because he can claim that he was shut out of HIS dues for NO fault of his .... ..little shaky ...but worth a try 

5. sister / brother will have to pay stamp duty at the time of transfer back to you ... IF it is a gift other tax implications (NOT so for inherited property ) 

6... there may be other issues I have NOT thought of

I humbly request all legal experts to comment and indicate flaws to my thinking !!



thanks in advance