[girimajiananth]

HI all , I would like some information from my fellow BHPians here. I am stuck in a situation and I am not sure how best to tackle it.

My father owned a 2012 model toyota Innova GX. Last month he passed away after prolonged illness. The car is under HYP to a bank. Now that we do not have a need for a big car , I am planning to sell it . Is it mandatory for me to get the car ownership changed to my name ? Once I change it , I will officially become the second owner and the value of the car might further depreciate when I sell it . Is there a possibility for me to sell it directly to the new buyer without having to transfer the car to my name ?

Any help would be much appreciated.

[Rajeevraj]

Originally Posted by girimajiananth

HI all , I would like some information from my fellow BHPians here. I am stuck in a situation and I am not sure how best to tackle it.

My father owned a 2012 model toyota Innova GX. Last month he passed away after prolonged illness. The car is under HYP to a bank. Now that we do not have a need for a big car , I am planning to sell it . Is it mandatory for me to get the car ownership changed to my name ? Once I change it , I will officially become the second owner and the value of the car might further depreciate when I sell it . Is there a possibility for me to sell it directly to the new buyer without having to transfer the car to my name ?

Any help would be much appreciated.

Condolences for your loss.


On your question, This thread may be helpful.

I think the first step would be to get the legal heirship certificate from the local authorities. This , along with the death certificate ( and other car related documents) should be sufficient for you to sell it without explicitly transfering to your name. I had been in similar situation and was able to do official transactions with the legal heirship certificate and death certificate available.

[girimajiananth]

Originally Posted by Rajeevraj

I think the first step would be to get the legal heirship certificate from the local authorities. This , along with the death certificate ( and other car related documents) should be sufficient for you to sell it without explicitly transfering to your name. I had been in similar situation and was able to do official transactions with the legal heirship certificate and death certificate available.

Thanks a lot . I have applied for the succession certificate.My lawer told me that it takes around 3 months for me to get it. I have other documents though. Is the succession certificate same as legal heirship certificate.The thread you shared has mostly cases where people have got the car transferred to the next of kin's name. I was not able to read it entirely though. Can you share more information on how you were able to sell it ?

[Rajeevraj]

Originally Posted by girimajiananth

Thanks a lot . I have applied for the succession certificate.My lawer told me that it takes around 3 months for me to get it. I have other documents though. Is the succession certificate same as legal heirship certificate.The thread you shared has mostly cases where people have got the car transferred to the next of kin's name. I was not able to read it entirely though. Can you share more information on how you were able to sell it ?

Yes, the succession certificate is the same as the legal heir ship certificate. It can take 3-4 months as there is a process of publishing in government gazette etc.. It took 5 months for me (This is in Kerala though).

I did not sell a car, sorry if I was not clear. I mean I did transfer/name changes in other government stuff like Gas connection, electricity bill etc. The succession certificate was needed for these.

From an RTO standpoint, it is a ownership transfer, so if you are selling, I assume the succession/death certificate along with the sale related docs/forms should be sufficient. I doubt if you can do it without the succession certificate.

[girimajiananth]

Originally Posted by Rajeevraj

From an RTO standpoint, it is a ownership transfer, so if you are selling, I assume the succession/death certificate along with the sale related docs/forms should be sufficient. I doubt if you can do it without the succession certificate.

I might have to try my luck here and find out if death certificate is enough, I have the family tree though. I enquired with toyota showroom and they say it has to be transferred to the legal heir's name and when I sell it , I will officially be the second owner (they might be wrong too). I am afraid that the value if the car might dippreciate further.

[singleton]

When I sell my car, am I supposed to pay tax on the income I received from this ? Or is this exempted from IT ?

I did not find any article on this (on TBHP or google search); if anyone has first hand information, please do let me know.

[Holyghost]

If you sell your car at a profit (selling price higher than your purchase price) then you should pay taxes. Until then no worries.

[KK_HakunaMatata]

Originally Posted by singleton

When I sell my car, am I supposed to pay tax on the income I received from this ? Or is this exempted from IT ?

I did not find any article on this (on TBHP or google search); if anyone has first hand information, please do let me know.

This query should ideally be posted in this thread http://www.team-bhp.com/forum/shifti...rates-etc.html.

To answer your question, capital gain is levied on sale of capital assets, which is defined. To keep the answer simple, movable assets such as car & vehicles held for personal use of tax payer are not considered as capital assets and any gains on sale of them would not be taxed under income tax.

[TMRT]

Sold my i10 AT Asta finally. The buyer referenced my ad through quikr (did not try OLX, no prejudice)! Got many responses on TBHP ad as well.

It was a quick sale and a well in-line with the price quoted by online used car valuation sites below. :

TBHP

CARWALE

CARTRADE

Just a note of advice: Keep your expectations in line with the valuations.

[Hells_Fury]

Originally Posted by GTO

FINAL Step : After the sale

• Notify the RTO (from where your car was registered) within 14 days of sale. Send a copy of all the 8 categories of documents that you were asked to retain (in the previous post). Include a covering letter and send the package via Regd. Post.

After submitting copies of the documents to the RTO, will I receive some sort of acknowledgement from them? Or do I just have to maintain the receipt for the registered post shipment?

[Chetan_Rao]

Originally Posted by Hells_Fury

After submitting copies of the documents to the RTO, will I receive some sort of acknowledgement from them? Or do I just have to maintain the receipt for the registered post shipment?

Ask for 'Registered Post Acknowledgment Due' option at the post office booking desk. The RPAD card (looks like a post-card) will come back to you by post, countersigned by the RTO acknowledging receipt of the documents package. Keep it for your records as proof of notifying the relevant RTO.

[GTO]

Originally Posted by Hells_Fury

After submitting copies of the documents to the RTO, will I receive some sort of acknowledgement from them? Or do I just have to maintain the receipt for the registered post shipment?

Just delivery confirmation should be okay.

And trust me, they take it seriously. I recently sold my Civic and followed the procedure, sending a copy of all documents not only to the Tardeo RTO (where my car was registered), but also the Andheri RTO (where the buyer will be registering it).

He tried to use a different address for registration than the one that he'd originally provided to me (and which I sent to the RTO). Apparently, it caused him a bit of inconvenience as some questions were raised by the RTO.

[Hells_Fury]

Originally Posted by Chetan_Rao

Ask for 'Registered Post Acknowledgment Due' option at the post office booking desk.

Thanks for the info Chetan but unfortunately I had already sent out the documents via registered post before posting here.

Originally Posted by GTO

Just delivery confirmation should be okay.

Thanks GTO. I received an SMS stating that the documents were delivered so I took a screenshot and will keep it in my records.

[gabrielthomas]

Folks,

I'm looking forward to sell my car as I have moved to Canada now. Please let me know if the price that I'm expecting is satisfactory based on the specifications below:

CAR MODEL: Swift Dzire ZXI, 2013 Model
Color: Pearl White
Registered Date: 28th December, 2013.
Insurance Paid: Upto 29th December, 2016
Wheels: Company Provided - Alloy, Spare wheel is also an Alloy
Airbags: 2
Upholstery: Artificial Leather
Kilometers Driven: ~40000 Kms
Mileage: ~18 to 19 Kms/Litre
Type of Fuel: Petrol
Accessories included: Michelin Automatic Cut off Tyre Inflator with Digital Readings, Jump start cables procured from Canadian Tire, Canada.
Condition: Pristine - Driven only by me and Team BHP of course!
On Road price after all expenses: 7.6 Lakhs (INR)
Expected Price: 5.5(Lakhs) INR


Thanks much in advance,
Gabriel

[rakesh_r]

I intend to sell my Andheri RTO (MH 02) registered car to a very close friend of mine. His address falls under the Borivalli RTO (MH47). Will it require for an NOC to be taken from MH02 RTO?