Joint ownership/tenants in common
VARSHA RANI
(Querist) 14 June 2012
This query is : Resolved
Dear sirs,
I want to know the procedure by which I can become a co-owner or joint owner of our registered residential property in gurgaon. we have no children. Although the property is in my husband's name I have contributed substantially towards the purchase of land.I am also a co- borrower in the housing loan taken to construct the house. I want to know the most economical way.Is is possible that he make a gift to me since gifts to relatives does not attract any taxes. i want my share delineated in such a foolproof manner so that if need be i can will my portion to whoever i wish. Thanks
varsha.
Devajyoti Barman
(Expert) 14 June 2012
If you want to become its co owner then you better get a deed of gift executed in your name.
ajay sethi
(Expert) 14 June 2012
the gift deed must be executed by your husband . it should duly stamped and registered . contact a local lawyer .
Advocate M.Bhadra
(Expert) 14 June 2012
By virtue of a registered Deed of Gift executed by your husband you would become co-owner of the property.
Adv.R.P.Chugh
(Expert) 14 June 2012
A registered Gift Deed executed by your husband in your favour should do the trick. A Registered family settlement - whereby your husband agrees that since you have contributed to the tune of a half of the property - you are declared to be the owner to the extent of half each. Both should do the trick.
VARSHA RANI
(Querist) 15 June 2012
Thanks for your prompt reply . Will this gift deed attract any kind of court fees or stamp duty or since it is made to a relative it will not attract any of the above. Will i be able to will it to whoever I wish to.Varsha.
Anirudh
(Expert) 15 June 2012
The Registered Gift Deed would definitely attract Stamp Duty and Registration Fee. The value of the property for the purpose of stamp duty would be the 50% of the property value (either the circle/area rate fixed by the government or the actual value prevailing in the locality whichever is higher).
Once a Gift Deed is registered in your name, then that 50% becomes your property, and you will be in a position to GIFT, or bequeath through WILL your 50% share in the property to anybody that you wish.
Shonee Kapoor
(Expert) 16 June 2012
Nothing left to be added.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
VARSHA RANI
(Querist) 17 June 2012
We are not in a position to pay up so much money. is there a cheaper and foolproof way of doing it. I have been told about consent decree in which I have to file a petition saying i want to become co-owner in my husband's property and my husband will have to file a petition saying i have no objection in my wife becoming a co-owner since she has contributed towards the purchase of the land and the property and we are also issueless. Three months later the court grants a decree to this effect. Is this corrrect advise given to us by our lawyer. Thanks Varsha.
