Buying 50 % share in property
Tarun Kumar
(Querist) 15 January 2019
This query is : Resolved
I own 50% share in a flat in Gurgaon & want to buy rest 50% share as Gift from my sister-in-law . I have following questions.
1) Can it be done with Power of attorney ?
2) Will I have to pay stamp duty on 50% value of Flat ?
3) Is it safe with Power of attorney.
4) Any other way of Transferring 50% share with minimum investment but 100% safe.
Kindly help....
Vijay Raj Mahajan
(Expert) 15 January 2019
Pay stamp duty on 50% share on Gift Deed registration for Gurgaon property that is safest and valid for transfer of immovable property as you ask expert lawyers here and not bogus property dealers sitting in Gurgaon.
Tarun Kumar
(Querist) 15 January 2019
Thanks for your advise. What is the stamp duty for Gift deed registration ? Is it same as for property registration ?
Vijay Raj Mahajan
(Expert) 15 January 2019
Stamp duty for gift deed is 5% and for sale deed 7%, for 50% it will be half. Confirm the rate from Tehsil office first floor, Mini Secretariat, Rajiv Chowk, Gurugram.
Kumar Doab
(Expert) 15 January 2019
'Buyer Beware' applies to property deals.
It shall be appropriate to get proper legal opinion from a very able LOCAL senior counsel of unshakable repute and integrity specializing in revenue/property/civil/DRT matters and well versed with LOCAL applicable rules/laws and having successful track record…. and worth his/her salt , before signing or making payment.
This may cost some FEE but can defend long term interest and hard earned monies.
Since you are one of the owner/joint owner/Co-sharer therefore you are expected to be aware of Perfect title of the property……………and the proof of source of funds being of nature self earned/acquired and not from any joint family source/ancestral and hence NO possible contest on this count from legal heirs of other joint owner.If legal heirs sign as witness IT is better.
Kumar Doab
(Expert) 15 January 2019
Title of the query is ‘Buying 50% share in Property’.
So the relevant deed is registered sale deed.
Gift is without consideration.
So gift is not the option, sought as per title of the query.
Gift is complete the moment gift is made by donor and accepted by donee.
In case of immovable roperty Gift should be registered.
Thereafter the mutations records be updated preferably with consent of donor on record!
The usual modes of transfer of property are; Sale, Transfer, Gift, Relinquishment.
You can check the expenses/rates/stamp duty/FEE etc from LOCAL SRO.
A senior/honest deedwriter also has copies of state govt notifications and can check as per relation as in query (amongst list of relatives per notifications for waiver/relaxations) and advice you.
However preferably obtain proper legal opinion from a very able LOCAL counsel.
Kumar Doab
(Expert) 15 January 2019
You may take help for any matter from, elders of your family, competent and experienced well wishers, seasoned PIP’s, helpgroups, community leaders, NGO’s, experienced colleagues, associations, religious scholars/leaders, influential persons, Employee’s/Trade union leaders, help groups for spouses (Husband/wife) etc and find a very able LOCAL counsel specializing in concerned filed of law e.g; Revenue/Civil matters as in your case, and well versed with LOCAL applicable rules, precedence, latest judgments etc …. and worth his/her salt, can advise you after examining all case related docs, inputs, evidences on record.
Obtain proper legal opinion in writing!
Avoid acting on your own on hearsay.
One should not fall for IT’s and entities loitering at online portals to allure unsuspecting querists. There are many threads on such instances at LCI also.
Online discussions are not substitute to in person discussions with a very able counsel of unshakable repute and integrity specializing in concerned field of law.
One should not fall for IT’s and entities loitering at online portals to allure unsuspecting querists……the personal details of unsuspecting querists/citizens get stored in databanks/compromised……hacked.
Not only your counsel ( if other very able counsel opine that 1st counsel’s advise was bad, misleading) many posing as Lawyers (actually Liar) have been raking up disputes at online portals including LCI on subjects like ; WILL, Nomination, Gratuity etc etc with their misleading, illegal advices and conduct..and have failed due to untiring efforts by some sincere and good natured Experts that indeed want to help and contribute at such portals. Such entities operate by forming gangs ( ikdi, dukdi, tikdi, chokdi and even more)….and attempt to deflect, divert to other members of their gangs to fleece the unsuspecting querists. Many of such entities have never been to courts and might have never won in any case and may not be able to count even on their fingertips. In the end multiple fake ID’s of such IT’s and entities get permanently blacklisted, shunted out at online portals and outside online portals and even society………and that is exactly what they deserve. Make a note of such entities and if the need be act to confine them to correctional centers; Jail, and let their cost and consequences be, heritable. Why such IT’s and entities litter nuisance at online portals: to hide their own weaknesses, and to satiate their insatiable itch and due to their infectious greed. One should stay away from such infected entities and hence away from such infection. You may post if anyone has ever asked /is asking for money from you have paid.
Such IT’s and entities keep on poping up at online portals with fake and new ID’s after their old ID’s are permanently blacklisted/shunted out and money fleeced from unsuspecting is finished.
There are such very able counsels at each location.
Check for such counsels at LOCAL; Civil Courts, HC, SC,..
You can also try for FREE legal Aid from Legal aid center (DLSA) that is usually within LOCAL courts complex..preferably from a very able counsel specializing in Revenue/Civil matters.
Your counsels may opine that you can appear on 1st date, and obtain copies of petition etc to reply later ….and inform the court that you shall be engaging a counsel and appear thru your counsel….Or your counsel can appear and obtain copies of petition etc and reply later or your new counsel can appear for you.
Your counsels can advise after examining all docs/record/inputs pertaining to your matter and help you. You can also search threads on similar query in SEARCH option ON left Hand side of threads in Forum/Experts section. Having learnt a lesson, remember to consult beforehand for your matters or any matter about which you are not properly informed.
There have many instances of such entities operating with multiple fake Id’s at online portals.
The FEE of all LOCAL counsels at all LOCATIONS is not high/unreasonable as mis-believed by many.
Many counsels even at State Capital/Metro towns do not demand unreasonable high FEE.
IT is rather at online portals that unsuspecting querists are mislead as per many publications, by IT’s and Entities that pose as some Lawyer (actually LIAR) and flaunt/advertise firms that are not Law Firms (Actually LIAR’s Firms) to believe that LOCAL counsels are not knowledgeable..are incompetent.
In Reality the LOCAL counsels win cases in LOCAL courts at all LOCATIONS.
You can go thru/search the cases contested by any Lawyer at court website.
Rest; Your own very able LOCAL counsel as already advised above, can advise you in person, after examining all docs, inputs in person.
Obtain proper legal opinion in writing.
If you are confident that you are well versed with provisions of applicable rules/laws and procedures and can handle the matter on your own, go ahead.
Sudhir Kumar, Advocate
(Expert) 28 October 2019
Not understood how they will help
"elders of your family, competent and experienced well wishers, seasoned PIP’s, helpgroups, community leaders, NGO’s, experienced colleagues, associations, religious scholars/leaders, influential persons, Employee’s/Trade union leaders, help groups for spouses (Husband/wife) etc"
