Law Explainer: Transfer of property to Beneficiaries under a Will or inherited under Succession laws
This write up addresses questions as to, (1) How beneficiaries under a Will, will get title to the property they have obtained under the Will; (2) In cases where there is No will, and properties devolve upon legal heirs under respective succession laws, how legal heirs can perfect their title to the property; (3) Who will transfer property to beneficiaries under the Will or to Legal heirs who have succeeded such properties; (4) What would be the nature of transfer Instrument, (5) What would be the stamp duty payable on any such transfer Instrument; and of course the Registration to complete title. This write up only talks for Immovable properties and not Movable properties, like shares and securities, moneys lying in banks, FDs, and so on. There are two ways a person succeed to Immovable property, (1) either under the applicable succession law, like we have Hindu succession Act, or (2) under the Will. In cases where there is no Will, legal heirs acquire right, title and interest ...