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John (Sales Engineer)     25 May 2012

Transfer of property

Friends.....(1) I have a falt in Chennai which is self acquired before my marriage and for this I have taken loans from Brother and Bank. Now the situation is such that the EMI is too big to handle and I wanted to transfer the property to my brother in lieu of the loans and settle  the outstanding with the bank. Can this transaction be executed through a Settlement Deed. The sales deed / gift deed is attracting stmap duty which is so high in Chennai and the alone works out to close to 10 lacs.

(2) If i do a settlement deed, can my wife dispute this at a later stage, in case of divorce etc.,

Can you please advice what is the best way to handle this.



Learning

 1 Replies

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 )     25 May 2012

Mr.John,

Immovable property i.e. flat  transfer is not a simple matter as it is governed by various laws. Where a property is transferred, the idea is that it vests absolutely to the transferee with all powers to Transfer the same.


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