House property ownership change

Querist : Anonymous (Querist) 18 March 2019 This query is : Resolved
I had bought house 4 years back. It was registered in my name and my mother, due to I was single that time so bank suggested this for home loan security perpose. Total payment done by me only. Now I want to change ownership in me and my wife name and my mother ok with it. I am doing this for future perpose only. Property is loan free. Plz suggest what should I do??

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Isaac Gabriel (Expert) 18 March 2019
Post with identity so that you can get more responses

kavksatyanarayana (Expert) 18 March 2019
Why anonymous? Please disclose your identity. However you and your mother purchased a house. Only you have paid the loan amount to bank. But your mother have equal right with you over the property. So request your mother to execute a Gift deed for her 1/2 (half) share in your wife's favour. Gift deed in favour of family members attracts less stamp duty in most states. Check in your state as the stamp duties vary from one state to other State.

PARDEEP KUMAR (Expert) 19 March 2019
Get a registered relinquishment deed executed in your favour and you would become sole owner of the property and then execute registered will in favour of your wife, this would save you money and serve your purpose as well as would be in your interest.

Dr J C Vashista (Expert) 19 March 2019
Relinquishment deed shall not be registered for self-acquired property for living titleholder.
Your mother should get a gift or sale deed registered in the name of your wife, if she desire so.

Message likes : 2 times

Dr J C Vashista (Expert) 19 March 2019
Anonymous author is not entertained and obliged by experts as per rule of this platform.

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