Best among gift vs relinquishment vs sale
Srimadhavi
(Querist) 19 December 2015
This query is : Resolved
Hi
we are 3,one brother and 2 sisters. Our father died with out a will and he had a house on his name.
If one of my sister ready to sign and transfer her share for a small consideration in comparison to market rate, what will be the best in terms of avoid future litigation
between Gift, Relinquishment and Sale.
I knew the difference in stamp duty and tax benefits so I am looking for an answer from the angle of avoiding future litigation.
Thanks in advance
Madhavi
Kumar Doab
(Expert) 19 December 2015
Sale Deed may be considerd.
Rajendra K Goyal
(Expert) 19 December 2015
May go for registered family settlement.
P. Venu
(Expert) 20 December 2015
The discretion vests with the transferor. In some states (for instance, Kerala) gift or family settlement or partition invites lesser stamp duty only.
Srimadhavi
(Querist) 20 December 2015
Hi
Thanks for the replies, but can you explain why sale deed is better option to avoid future litigation?
Regards
Madhavi
Advocate. Arunagiri
(Expert) 20 December 2015
Gift deed / relinquishment deeds can be cancelled in case of breach of conditions if any imposed in the deed.
But, sale deed can not be cancelled.
If you are not bothered about the stamp duty, go for sale deed.
