1)As per Indian law, an oral family settlement is recognized as a valid means of resolving disputes among family members. A settlement agreement recorded through a memorandum does not need to be registered.
2)Given that all legal heirs have agreed to it and taken it into consideration, the proposed settlement appears to be legal. All three legal heirs should sign the memorandum of settlement to make it binding and enforceable.
3)As per Indian income tax laws, a gift of money exceeding Rs. 50,000 from a non-relative is taxable as income in the hands of the recipient.Since the transfer of Rs. 45 lakhs from your mother's account to yours is part of a family settlement and is based on inheritance rights, it would not be subject to capital gains tax.
4)There is no mandatory requirement for witnesses to sign an oral family settlement agreement recorded through a memorandum. However, having witnesses sign the agreement can add weight and credibility to the settlement and can help in case of any future disputes or challenges to the agreement. Witnesses can also provide evidence that the settlement was entered into voluntarily and with the consent of all legal heirs. Therefore, it is always advisable to have witnesses sign the agreement if possible.
5)If there is no dispute over the division of the immovable property and all legal heirs are in agreement to divide it equally, then there is no need to include it in the family settlement agreement.However, it is advisable to execute a separate deed of partition for the immovable property to avoid any future disputes.
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