Becoming Co-owner

Imran (Querist) 10 March 2008 This query is : Resolved
My brother has pruchased a flat financed through HFC, our mother is a co-owner. I would like to know: a) How do i also become a co-owner? b)What documentation is required and the Stamp Duty payable?

Imran Vora
Mumbai

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P.V.Poornima (Expert) 14 March 2008
Your mother and brother need to transfer undivided 1/3rd share in the property in your name either by way of sale or settlement. The stamp duty is payable depending on the document executed.

Guest (Expert) 25 June 2008
Being relatives, you can take it as gift, there by considerable stamp duty will reduced, so also income tax issues.

G. ARAVINTHAN (Expert) 17 September 2008
In any case of Settlement or Gift, stamp duty is less only as the transaction is only between the blood relations.

If both your brother and mother sell/transfer their 1/3rd of share to you, then you'll be a co-owner of the apartment

PALNITKAR V.V. (Expert) 06 July 2009
Whether a deed of declaration by brother and mother that another brother is also a co owner would make that another brother a co owner?

Sachin Bhatia (Expert) 14 October 2009
You can get it by way of gift or family settlement.

Gulshan Tanwar (Expert) 25 January 2011

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