Joint Registration of Flat
Nishant Choudhary
(Querist) 17 August 2014
This query is : Resolved
Dear Sir(s)
We are getting the joint registration of a flat. Joint registration among father and daughter. Flat was allotted to father. Daughter paid all the dues, even home loan EMIs are being paid by her.
Now, what is the best method to get this transferred to daughter..Partition deed
Succession deed or release deed.
What is basic difference in these deeds.
As Gift deed is not permitted by the Organization.
Deepak Nair
(Expert) 17 August 2014
Father can execute a release deed in favour of the daughter
Devajyoti Barman
(Expert) 17 August 2014
You can opt for either of the release or gift deed.
R.K Nanda
(Expert) 18 August 2014
agree with experts.
ajay sethi
(Expert) 18 August 2014
release deed is best option
malipeddi jaggarao
(Expert) 18 August 2014
Release deed is the best option as experts advised.
Succession comes only after death of the property owner. You wish to give the entire flat to your daughter right now, you have 3 options:
1. Out right regisstration by sale deed selling your share also to your daughter. This is costly as it attracts stamp duty as per Government Value.
2. Gift Deed - Best option - But you say that it is not allowed.
3. Release deed - attracts lesser stamp duty. You are releasing your rights in favour of the co-owner.
Go for release deed.
Nishant Choudhary
(Querist) 19 August 2014
Wow... great platform to get the queries resolved. Thanks a ton to all the Experts for the advice.
Nishant Choudhary
(Querist) 19 August 2014
Sir(s), the charges or the registration amount is 2.5 times of conveyance deed. For release deed registration is 5%, whereas in sales deed it is 2% (shown as sales in 1 year ). Please suggest on this situation.
Nishant Choudhary
(Querist) 19 August 2014
Sir(s), the charges or the registration amount is 2.5 times of conveyance deed. For release deed registration is 5%, whereas in sales deed it is 2% (shown as sales in 1 year ). Please suggest on this situation.
T. Kalaiselvan, Advocate
(Expert) 23 August 2014
For the purpose of safety and security of the property, do not go behind the cost of registration, if you keep thinking about the cutting the cost of registration under some wrong guidance, you may or she have to face some other related problems in the future when the cost will be manifold.
Nishant Choudhary
(Querist) 24 August 2014
Agree to the fact... As suggested by Mr. Melipeddi Jaggarao's first point. That is outright sales of your share to daughter. In Rajasthan if the flat is sold in 1 year then the registration of conveyance deed is 2%. Whereas post 1 year registration charges are 5%. And similarly registration charges of release deed is also 5%.
Hence I am planning to sell my share to my daughter through conveyance deed.
Please suggest on current explanation.
