additional owner in a landed property
Querist :
Anonymous
(Querist) 18 November 2022
This query is : Resolved
One land is in the name of three brothers. The three brothers decide to admit one more person WITHOUT ANY CONSIDERATION as additional owner of the land so the share becomes 25% of each person. since there was no money transaction involved the agreement can be made on Rs. 500/- stamp paper and registered with the appropriate authorities. Any comments from learned persons.
kavksatyanarayana
(Expert) 19 November 2022
Three persons cannot admit a 4th person as a co-owner of their property. Is it a real story? If the three persons want to give a portion of the land, then they shall execute a Gift Deed in the 4th person's favour and it shall be got registered. The stamp duty varies from one state to another state consult in local SRO.
Querist :
Anonymous
(Querist) 19 November 2022
It is not giving a portion of the land. The land which is owned by three persons will be owned by four persons . If gift deed is to be executed, then the stamp duty will depend on the cost of the land. Is it not?
Dr J C Vashista
(Expert) 20 November 2022
Cannot pass on title to fourth (fictitious) person.
Avoid posting time pass queries.
Querist :
Anonymous
(Querist) 20 November 2022
I am really surprised by your comment "Time Pass Query". You have already "Judged" the matter as Time Pass. The matter pertains to a land which has been encroached. The grandfather had purchased the property many years back and from grandfather the property got inherited by two sons and then to two sons each of those two sons. Hence it is four grandsons and not three. Three grandsons are willing to sign any document to admit one more person as beneficial owner so that he can pursue the case and they all can get some benefit. Indirectly they would like to share the benefit with this person whom they would like to make co-owner. The next generation of those four grandsons are not interested in the property and they are not bothered. I hope you would have now understood the situation.
Dr J C Vashista
(Expert) 21 November 2022
Facts are still vague and confusing.
It is advisable to consult a local prudent lawyer for proper analyses of facts and professional guidance / necessary proceedings
Querist :
Anonymous
(Querist) 21 November 2022
Thank you. The facts are very clear. Out of four grandsons who have inherited the property (land), three are willing to admit another person into the ownership of this land so that he will take up the matter with appropriate authorities to realise the land value through Slub Rehabilitation etc. so that all will reap the benefit.
Querist :
Anonymous
(Querist) 21 November 2022
I still invite guidance from other learned members.
Regards
.
kavksatyanarayana
(Expert) 24 November 2022
Out of three or four is separate. But the owner of the property cannot admit another person as a co-owner of the property unless he gifts 1/2 of the property to him.
Querist :
Anonymous
(Querist) 24 November 2022
OK Thank you. So, this can be done as "Gift" only. Then I presume for gifting Gift-tax (Stamp duty) will be applicable depending on the cost of the land?
Sudhir Kumar, Advocate
(Expert) 19 December 2022
Unheard.
facts are being shown on installment basis.
The original query only stated :-
"One land is in the name of three brothers. The three brothers decide to admit one more person WITHOUT ANY CONSIDERATION as additional owner of the land so the share becomes 25% of each person. since there was no money transaction involved the agreement can be made on Rs. 500/- stamp paper and registered with the appropriate authorities. Any comments from learned persons"
This was in riddle form and appeared "time pass.
then following facts are introduced :-
"he matter pertains to a land which has been encroached. The grandfather had purchased the property many years back and from grandfather the property got inherited by two sons and then to two sons each of those two sons. Hence it is four grandsons and not three. Three grandsons are willing to sign any document to admit one more person as beneficial owner so that he can pursue the case and they all can get some benefit. Indirectly they would like to share the benefit with this person whom they would like to make co-owner. The next generation of those four grandsons are not interested in the property and they are not bothered. I hope you would have now understood the situation."
and then more facts introduced as query was still vague :-
"Out of four grandsons who have inherited the property (land), three are willing to admit another person into the ownership of this land so that he will take up the matter with appropriate authorities to realise the land value through Slub Rehabilitation etc. so that all will reap the benefit."
In order to for a clear view of the matter local inspection and perusal of document is necessary.
Querist :
Anonymous
(Querist) 19 December 2022
I have already gone to the registration office to check on this. The official said that if out of 4, three are willing to accept this outsider for , say equal share, then the 75% of the property will be divided amongst four and this will be a Gift and the stamp duty as per their ready reckoner value is to be paid. Ultimately, I got the clarification from the official from the sub-registrar's office who is going to register the documents. The learned members can treat this as resolved. So, this is not a Timepass query.
