Execution of sale deed no/less monitory benifts than govt valuation

Shantanu B (Querist) 19 May 2012 This query is : Resolved
Respected Experts,

Father wants to transfer his home to son's name but doesnot want any monitory transaction.
Is sale deed without monitory benifits possible ? I am ready pay stamp duty & registration fees as per Givt valution ?

we donot want gift deed due to getting challanged in future.

Will property tax or incomes tax comes in picture for father ?

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Adv.R.P.Chugh (Expert) 20 May 2012
Dear Querist,

Anything can be challenged be it a Sale Deed or a Gift Deed. There can be no sale without monetary consideration. I would advise a gift deed replete with necessary safeguards and witnesses.

ashutosh mishra (Expert) 20 May 2012
"Any agreement or sale without Consideration would be void"

A consideration is defined as some thing in lieu of which some agrees to pass some thing to the other.

In your case registered GIFT is the only way.

As rightly remarked by Brother Bharat any deed can be assailed.

Shantanu B (Querist) 20 May 2012
Thanx Sir,
In such case, if Father settles the deed by receiving 10K only but fulfills the stamp duty & registration fees as per Govt Val, will this be ok?

ashutosh mishra (Expert) 20 May 2012
Yes !legally it would be okay.
But subsequently it can be challenged by other heirs as sham transaction where consent obtained by fraud or undue influence and inadequacy of consideration may be shown as leading circumstance.However to address it after execution of the sale deed and after all mutations done father himself should file a suit of cancellation of the sale deed and then the same should be got dismissed after appearance and written statement of the buyer son,then father's other heirs would not be able to file any suit of cancellation on any ground after his death.