Division of ancestral property
R Bajaj
(Querist) 25 August 2009
This query is : Resolved
Dear Sir,
We are three brothers and after demise of our parents we have mutated the ancestral property in our names now we want to divide the property so that individual floors are registered in seperate name it is a three storied house one floor to each brother.(In Delhi)
What are the formalties to do this and will be the financial burden in terms of registration or any gift tax etc.
Please Guide.
Bajaj
Y V Vishweshwar Rao
(Expert) 25 August 2009
Execute and Register the partition deed as per the agreed terms mentioned in your query (One Floor to each brother with 1/3rd Undivided share in the Land under the Building with Common Facilities and Common ways / entrance - partition deed in Three Sets to be Registered - each one- one Regd Deed - original , Duplicate & Triplicate Regd Deeds ) -
Stamp Duty and Registration Charges as per local Stamps & Registratioin Act/s . it is to be verified with local Sub Registrar Office with reference to Market Value .
n.k.sarin
(Expert) 25 August 2009
In my opinion the easiest way is to make a memorandum of a family settlement. there is no need any stamp duty any registration and the property will be transfer to the each brother as agreed .
dinesh
(Expert) 28 August 2009
The legal remidies available to you are:
1. Suit for partition for 1/3rd share in the property. This will attract stamp duty and court fee on the actual market value of the property.
2 the better option available before you is to get the deed of oral family settlement reduced into writing in a stamp paper. File a civil suit for permanent injunction and /or and make it as a order of court.
Dinesh
Harinarayan R. Tripathi
(Expert) 28 August 2009
In my view you all have to execute Partition Deed and paying stamp duty as per applicable in the State of Delhi on the instrument and get the same is registered with the appropriate Sub-Registrar of Assurances.
