Transfer of property
Jay Shah
(Querist) 11 March 2012
This query is : Resolved
Sir,
I have one resident property in Malad West - Mumbai. The Property went into redevelopment and the old agreement was made on my mothers name (age - 79)which was not registered. As the dispute is going on between me and builder my mother has not signed new agreement. Now my mother is ill and I am on the procedure to make a transfer of property on my name.
so can you guide me what is the best way to do so...
1. gift deed
2. release deed
3. settlement deed
4. WILL
etc
and also can you guide me the expenditure for the same
Jay Shah
(Querist) 11 March 2012
i would like to add that the old agreement was on my mothers name and it was not registered
and we have not signed on new agreement
Jay Shah
(Querist) 11 March 2012
n Mr. Prasad can u tell me wat will be the cost for the gift deed and procedure for the same
Raj Kumar Makkad
(Expert) 11 March 2012
Gift deed shall require stamp duty as per value but settelment deed do not require such stamp duty so this is best in your case.
neeraj chawla
(Expert) 12 March 2012
Relinquishment deed- requires only the registration charges.
Adv. Neeraj
PARDEEP KUMAR
(Expert) 13 March 2012
Mr. Shah,
Though the details furnished by you are incomplete, viz. no. of legal heirs etc., however, on the basis of information, reply to your query is as under: -
1. Settlement deed is a internal arrangement/agreement and do not amount to transfer of title in itself.
2. Gift deed is a good option, it requires registration and as per valuation, stamp duty is charged @ applicable on sale deeds, however, you need to check the same with local sub-registrar office.
3. Will: legally it can be administered/valid upon probate from Civil Court, for which stamp duty is charged. It can be challenged and needs to be proved from all aspects.
4. Relinquishment deed: mean relinquishment of share, however, if you are not a co-sharer in the said property with your mother, obviously, you can't relinquish, so no such deed could be executed.
Advice: Either go for a gift deed.
or purchase the said property from your mother, however, you have said that you are having agreement (old one) only, so see, if your mother is having a valid title.
M V Gupta
(Expert) 15 March 2012
As per the old Bombay Stamp Act agreement for sale of a flat in a Coop Housing Society attracted stamp duty only as an agreement, which was Rs.5/- and did not require registration. The reason was that a Flat in the Society belongs to the Society and the transfer of shares in the Society confer occupancy rights. The position changed after the passing of the MOF Act, 1964 where under the agreement for sale of flat is required to be registered and stamped as deed of transfer. BUt the stamp duty is at a reduced rate. In ur case the best course is to have a gift of the property from ur mother. The duty on gift deed from a close relative is at a concessional rate and registration is must. The gift effects transfer of the flat to u immediately and u are entitled to get urself admitted as Member of the Society and also notify the Developer who is redeveloping ur Soceity building.
