Gift Deed
g
(Querist) 05 May 2009
This query is : Resolved
Dear Madam/Sir
My mother wish to sell the property that is registered in her name.This property was purchased by my father and got it registered it in my mothers name.MY mother has now decided to sell the property to an outsider.During this time I intervened and offered to buy the same at the same cost an outsider is offering.But to save on registration and stamp duty,I am thinking to get a gift deed done.We are two brothers and a sister,all married.
My question is if i get a gift deed done,will i have any problems from any of my brother or sister or thier children in the future.Can u pls suggest me on this.I want to save money on the samp and regisration charges.Thanks
Y V Vishweshwar Rao
(Expert) 05 May 2009
I do ageree with Sri R Sivasubramanyam and further add that ;-
The Place of property and State or not mentioned . The Stamp Duty defers from state to State as per the Schedule Applicable to the respective State .
However , you are paying the price for the property , you can get a release deed for consideration from your mother , brothers and sisters to avoid at any future point of time that the proerty was given to you with out any consideratioon by your mother under a Gift Deed.
In AP for partition , Family members Gift, Release between family members and Relinquisment or Family Settlment for consideration or oterwise, is only 1 % Stamp Duty , you have to check up the Stamp Duty with your local Sub Regiatrar Office.
adv. rajeev ( rajoo )
(Expert) 07 May 2009
U want to get transfer ur mother's property in ur name. The property is purchased by ur father in the name of ur mother.
When the property is in the name of ur mother then it is her absolute property she can transfer or sell to any body.
If ur sisters chllange it then burden will be on them regarding the purchse of the property by ur father in the name of your mother.
To know the self acquired property it is necessary that a person who purchases property must have an independent income. In ur case whether ur mother was having independent income or not it is not clear.
If ur mother had purchased the property from her own earnings and from her own intelligency then it is her absolute property if not it is ur father's property, then naturally on this ground ur sisters can claim their rights.
