Flat held in joint names

elbee barboza (Querist) 23 January 2013 This query is : Resolved
I have a flat in Mumbai. This flat was bought from my own resources and as a sign of respect I decided to make my mother the joint holder with me. This was about 10 years ago. My siblings and I are now married and what worries me most is the flat which is now unoccupied may be a cause for concern later due to the attitude of my siblings spouses. What recourse do I have to ensure that I am the sole owner of the property both now and in the future.

I would like to avoid the stamp duty associated with a gift deed and am looking for alternate means here. I believe even an irrevocable POA can be made null and void at some time in the future. kindly advise.

Follow Query

Report Abuse

Anirudh (Expert) 23 January 2013
Your mother can make out a WILL, fully describing how you alone financed the flat, and how out of respect you included her name as a co-owner. Then she can say that after her death, her share in the flat which truly belongs to you (her daughter) should go to her daughter (i.e. you). She should also mention that she has other son(s)/daughter(s) but still she is making this will in your favour.
Then you have to get the will registered. This process will not involve much of stamp duty. You should take a help of a lawyer.

ajay sethi (Expert) 23 January 2013
if you apprehend problems at a later stage then better get gift deed executed . gift deed attracts only 2%stamp duty .

if you dont want to pay stamp duty then follow advice of anirudh

Devajyoti Barman (Expert) 23 January 2013
You better make a gift deed in your favour by your mother so that her half share is transferred to you provided she becomes ready for this.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries