LAW BOOK

HT Estates - - HTESTATES - Sunil Tyagi

I am plan­ning to write a will for be­queath­ing all my prop­er­ties to my only daugh­ter. As she is the sole ben­e­fi­ciary un­der my will, can I also name her as the ex­ecu­tor of the will?

— Vaib­hav Sharma Yes, you may ap­point your daugh­ter as the ex­ecu­tor and also name her the sole ben­e­fi­ciary un­der your will.

I own a re­tail space in Noida. For the pur­pose of stamp duty, is it pos­si­ble to en­ter into an ar­range­ment where the rent is cal­cu­lated on a rev­enue-shar­ing ba­sis and hence may vary from time to time?

—Ravneet Kaur Yes, un­der the pro­vi­sions of Ut­tar Pradesh Stamp Act, 2008, it is per­mis­si­ble to ex­e­cute a lease deed where the rent varies by virtue of be­ing cal­cu­lated on a rev­enue/profit-shar­ing ar­range­ment, pro­vided the lease pe­riod is not more than 30 years.

I had taken a house on lease five years ago and paid stamp duty and reg­is­tra­tion fee on the lease deed. The lease deed con­tains a clause which states that upon ex­piry of the ini­tial pe­riod of five years, I would be en­ti­tled to stay in the premises for an ad­di­tional five years. Do I have to en­ter into a fresh lease deed?

— Bhavna Rustagi It is not clear whether stamp duty and reg­is­tra­tion fee on the lease deed has been de­posited based on the lease pe­riod of five years or 10 years. In case it has been paid on the ba­sis of only the ini­tial five-year term, a fresh lease deed is re­quired. The lease deed should be duly stamped and reg­is­tered again. How­ever, in case stamp duty and reg­is­tra­tion fee has been cal­cu­lated and paid in the first in­stance for the en­tire pe­riod of 10 years, a fresh lease deed is not re­quired.

I have a prop­erty which I pur­chased en­tirely out of my own funds. Over the years, I have ex­e­cuted wills on three sep­a­rate oc­ca­sions to make changes re­gard­ing in­her­i­tance of this prop­erty. All these wills were also reg­is­tered. Would mak­ing any fur­ther changes to my will neg­a­tively af­fect the in­her­i­tance in any man­ner?

—Ab­hay Bhaskar A will may be re­vised any num­ber of times and to any ex­tent dur­ing one’s life­time. In your lat­est will, you may clearly state that it is your in­ten­tion that the new will should su­per­sede and nul­lify any/all wills pre­vi­ously ex­e­cuted by you.

My brother and I are plan­ning to in­vest in a fully con­structed res­i­den­tial prop­erty. My brother will pur­chase the ground floor and I will pur­chase the first floor and ter­race area. Who will have the right to keep ti­tle doc­u­ments of the en­tire prop­erty?

- Saroj Sharma

The buyer who is pur­chas­ing the por­tion hav­ing greater value will be en­ti­tled to re­ceive chain of ti­tle doc­u­ments of the en­tire prop­erty.

The au­thor is a se­nior part­ner at Zeus Law, a cor­po­rate com­mer­cial law firm. One of its ar­eas of spe­cial­i­sa­tion is real es­tate trans­ac­tional and lit­i­ga­tion work.

If you have any queries, email us at ht­es­tates@hin­dus­tan­times.com or ht@zeus.firm.in

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