I own a few properties jointly with my two uncles.
Property 1: The property has 3 deeds of ownership but there is no demarcation on the said property.
Property 2: One deed of the property with 3 of us as equal partners.
Now we have decide to separate and split the property to take charge of individual share. It requires demarcation of the said property and registration of the same at individual name.
We have mutually agreed on the demarcation. Now when we go for the individual registration of the said properties then do we need to pay Stamp Duty on the transaction?
Will this registration fall under buy and sell rules and stamp duty will be applicable?
What would be the rate of duty applicable in this case?
As it is a case of family settlement, is there any alternate way to register the property in individual names and save on the stamp duty?
The said property is in the state of West Bengal and I would solicit some concrete legal advice on the same.
