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SUMIT ARORA (OWNER)     24 July 2012

Change of ownership

Dear Sir

We have a property which my father ( Now deceased ) had purchased in the year 1990 from my uncle, but did not got it registered in his name as my uncle had developed the property ( it is a commercial building with 3 floors and we have taken the entire 2nd floor in the same building ) and it is within the family, niether we have any proofs of the payments made in the year 1990 against the property )

Now, I ( son ) wish to transfer the ownership legally in my name.

Can my uncle transfer the ownership in my name through registered Power Of attorney / gift deed etc.... ?????

Pls advise the best possible course of action.

 

Thanks

Sumiit Aroraa



Learning

 3 Replies

Adv.R.P.Chugh (Advocate/Legal Consultant (rpchughadvocatesupremecourt@hotmail.com))     24 July 2012

If there were no documents executed or registered at the time of your father paying for the property then as per the law - your uncle still remains the owner of the property. If he concurs he can execute a registered gift deed giving the property to you, which would attract payment of stamp duty of about 5 %

SUMIT ARORA (OWNER)     24 July 2012

Dear Mr. Chugh

Is it 5% of todays value of the property ???

And on the basis of the registered gift deed, can i mortagage the property to a bank OR execute a sale deed ???

I hope this registered gift deed is a life time solution to my problem and no one chalenge it in future.

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 )     24 July 2012

A gift of immovable property can be effected only by registered instrument and in the case of immovable property, registration is optional  under section  123 of the Transfer of Property Act. 


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