Divorce and joint property
Vandana
(Querist) 30 November 2012
This query is : Resolved
I am married since 2002. We own a joint property in Mumbai, I being the first holder.
In August 2012, me and my husband filed divorce petition as per mutual consent. The consent terms been that I can purchase the property by paying 50% of the market value of the property to my husband.
I seek your advise as which will be the best way of transfering his rights in the property to my name so that I have to bear least cost on stamp duty and registration.
please advise.
regards
Vandana
ajay sethi
(Expert) 30 November 2012
well you r husband will execute Deed of conveyance in your favour .
see ready reckoner rates of your locality . stam duty would depend upon said rates . said conveyance deed ahs to be regd also .
Vandana
(Querist) 30 November 2012
Will this be normal rate or in case of divorce mutual settlement and as per consent terms, there are provision for less rate of stamp duty? please advise
ajay sethi
(Expert) 30 November 2012
no such provision for lower rate of stamp duty .
Vandana
(Querist) 30 November 2012
ok, then stamp duty will apply only on 50% of the amount I would be paying or the market value, whichever is higher?
thanks for your quick reply. I would appreciate views from other experts too.
ajay sethi
(Expert) 30 November 2012
madam
cotact a local lawyer . you have to pay stamp duty on the value of property as per ready reckoner rates . even if you show lower market value stamp duy has to be paid on ready reckoner rates
prabhakar singh
(Expert) 30 November 2012
NO CONCESSION WOULD BE THERE WITH REGARD TO STAMP DUTY ON THE GROUND OF CONSENT DECREE BUT OPTING A QUIT DEED (RELINQUISHMENT DEED) MAY COST LESSER COMPARING A SALE DEED,HOWEVER BOTH WILL REQUIRE REGISTRATION.
Vandana
(Querist) 30 November 2012
sir,
i understand stamp duty to be paid as per ready reckoner but my question is.....stamp duty only on 50% of the market value? or on entire 100%.
if i don't get response from the forum, i will have to contact a local lawyer. No offence.....thanks anyways for your kind help.
regards
Vandana
prabhakar singh
(Expert) 30 November 2012
THE DUTY WOULD BE PAYABLE FOR 1/2 OF THE PROPERTY EITHER ON RATE FIXED OR ON MARKET VALUE OF 1/2 WHICH EVER IS GREATER .NOT ON 100% VALUE OF PROPERTY AS ONLY 1/2 IS TO BE TRANSFERRED ,1/2 YOU ALREADY OWN.
ajay sethi
(Expert) 30 November 2012
you are joint owner of property . your husband is sellig you 50%share as per consent terms . hence duty has be on 50%of value of property only
Vandana
(Querist) 30 November 2012
thanks Prabhakar Sir.
i appreciate your prompt reply
regards
Vandana
Vandana
(Querist) 30 November 2012
thanks ajay sir.
Still i request the forum and keep the query open in case anyone has come through a situation like that of mine and has advise better solution. Such views will be highly appreciated.
regards
Devajyoti Barman
(Expert) 30 November 2012
You query is rightly resolved above.
Be satisfied with it.
Rajeev Kumar
(Expert) 30 November 2012
You are rightly guided by our ld. experts. I think no further clarification needed to you and there should not be any doubt in your mind.
V R SHROFF
(Expert) 30 November 2012
U r well advised. pay 50% sd
Raj Kumar Makkad
(Expert) 01 December 2012
I differ with the advice of experts to the extent that the conveyance deed may be got executed by the husband of the author in her name. Gift deed is the best remedy and it costs only 2% of the value means 2% on his share. May conveyance deed have already been executed in the names of both.
Vandana
(Querist) 01 December 2012
@ Raj Kumar Makkad Sir,
I have filed divorce as per mutual consent. In that scenario, will gift conveyance be an ideal way of transfering the property? Cause in gift the consideration is natural love and affection. In my case, there is no natural love and affection left and so we filed divorce. So will 'gift' work out?
ajay sethi
(Expert) 01 December 2012
the consent terms specifically mentions that you can purchase 50% share of the property by paying market value of the flat . under the circumstances why would your husabnd execute gift deed in your favour ? deed of conveyance for sale of 50%share of the property is ideal solution and in consonace with the consent terms
Raj Kumar Makkad
(Expert) 01 December 2012
If there is no scope of any love and affection then the purchase is the only option left with you.
