I propose to purchase a commercial land in Chennai. The shortlisted property has been passed on to the legal heirs of the family, in terms of Will executed by grandfather and duly probated. The executant has a daughter and two granddaughters through her. The Will states that the subject property will be possessed by the daughter during her lifetime and that after her lifetime, the two granddaughters will inherit the property, free of alienation, with absolute right to sell the same. Now, they are planning to sell the property. Please advise whether the subject property can be purchased with life interest clause in the Will.
— Kalidas Chandrasekharan, Chennai
In general, a life interest holder and the absolute interest holders can jointly sell the property. It is advisable to take the advice of a chartered accountant on the quantum of sale consideration payable to the life interest holder as well as TDS and capital gains implications. You must also obtain a legal opinion on the title before proceeding with your purchase.
