| Question And Answer | |
|---|---|
| Subject: | Definition of ancestral property for release deed |
| Category: | Income-Tax |
| Querist: | vinayak |
| Answered by: | Reply of the Expert is awaited; |
| Tags: | ancestral property |
| Date: | February 19, 2025 |
I wish to undertsand the legal meaning of ancestral property in reference to the Maharashtra stamp act for release deed which says that
” If the release deed of an ancestral property or part thereof and is executed by or in favour of blood relations of the renouncer or the legal heirs of the blood relations then stamp duty of ₹ 500/- is levied”.
What does an ancestral property mean here? If a flat is bought by my father (100% ownership) and after his death, can his son / other legal heirs claim the flat to be ancestral for signing the release deed?
Reply of the Expert is awaited. Please check back later
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