Legal Question in Real Estate Law in India
Conversion from leasehold to freehold and susequent mutation
I am a naturalised US citizen living in the USA. My father had created a Hindu Undivided Family (HUF) and made himself, my mother, my two brothers and I, as the five shareholders in our immovable property in India. After his demise 12 years ago and after my mother's demise 3 years ago, the LEASEHOLD property is now jointly owned by myself and my two brothers. We are planning to sell the property and divide up the proceeds equally. Therefore, we are getting it converted from leasehold to FREEHOLD. My question is - After the Freehold conversion is done, Can any one of the three HUF shareholders go ALONE to the Municipal Corporation of Delhi and request mutation of their portion of the property WITHOUT the consent of the other two shareholders? Or, will the autorities require that other shareholders also get their share of the property mutated AT THE SAME TIME?
2 Answers from Attorneys
Re: Conversion from leasehold to freehold and susequent mutation
1. Any one can apply for mutation of names of all owners.
2. Consult your CA vis-a-vis tax on sale of property after converting it to freehold from the point of short term and long term capital gains.
Re: Conversion from leasehold to freehold and susequent mutation
The conversion and mutation may be required for the entire property by all the shareholders at the same time and not in parts.
The absentee share holder like you may execute GPA in favour of any other person/co-sharer.
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