Transfer deed / gift deed
jayantsingarwadi
(Querist) 18 March 2015
This query is : Resolved
Respected Sir/Madam,
I've purchased a flat in Pune in 2001. Thereafter, I've purchased another flat in Kolhapur in 2009. In the Agreement of Sale of both the flats Myself shown as a Purchaser & my wife as a Co-purchaser.
Now, I want to keep one flat in my name and another in wife's name.
How should I proceed - Should I enter into Transfer Deed OR Gift Deed (gift to wife) w.r.t. one flat?
Kindly advise as to reduce the procedure and expenses with proper legality.
With Regards,
Jayant
Dr J C Vashista
(Expert) 18 March 2015
Gift is the best option.
For further advise/proceeding you may seek prepaid consultancy.
Dr. (Maj) J C Vashista, Advocate,
Ch. NO 647, 6th floor, Dwarka Courts,
New Delhi-110075 Cell# 9891152939
email: majjagdish@yahoo.com
Devajyoti Barman
(Expert) 18 March 2015
Thoug gift is the best option but it is premature now as the sale is not complete as yet.
You can assign your half share in her favour. Only after registration of sale deed the gift can be done.
Anirudh
(Expert) 18 March 2015
Transfer deed means "Sale Deed". To be a sale deed there needs to be consideration from the buyer to seller. That is not the situation in your case. Therefore the 'Transfer Deed' option is ruled out.
Now coming to the option of 'Gift Deed'. You can do it. But it will involve huge cost in terms of stamp duty.
Since you and your wife are the co-owners, the best option to make the entire property that of your wife is to make a Registered Relinquishment Deed in her favour. Once you relinquish your share and interest in the property she will become the full owner of the same. This process will involve very bare minimum stamp duty.
In the same way, your wife has to give a Registered Relinquishment Deed in your favour, in which case the other house will become entirely yours.
M/s. Y-not legal services
(Expert) 18 March 2015
Release deed is the best option. Since both of you are co owners for the both plots.. Both of you may release your right for one property. By this booth of you can obtain any of the property as a sole owner..
ajay sethi
(Expert) 18 March 2015
agree with Mr Anirudh
Guest
(Expert) 18 March 2015
Well advised.
Adv Akhtar Ali Sheikh
(Expert) 18 March 2015
Theoretically it is possible to do it by way of Exchange.
Under an indenture of exchange you may exchange the part not desired by you in one flat with the one desired by her and vice versa. There will be only 1/2 duty payable which ever is higher and register the agreement.
T. Kalaiselvan, Advocate
(Expert) 19 March 2015
Even in my opinion, a registered release deed relinquishing the rights in ones favor by the other and vice versa can be a better option especially in terms of cost involved.
Anirudh
(Expert) 21 March 2015
Dear Mr. Akhtar Ali,
Not only theoretically, but even practically Exchange Deed is possible in the current situation. But the point is it involves payment of stamp duty, and the best solution is one which avoids payment of such duty and still achieving the objective.
Adv Akhtar Ali Sheikh
(Expert) 26 April 2015
Dear Anirudh, You donot escape stamp duty in any situation whether you sell it, release it, sell it or even gift it stamp duty will be more or less same 2.5% in case of release, exhange and sale and 2% in case of gift deed on their respective shares. NOW SOME CHANGES HAVE BEEN ENVISAGED WHEREUNDER THE STAMP DUTY WILL BE JUST 500 RUPEES -- BUT THIS NEEDS TO BE VERIFIED.
Advocate Kappil Cchandna
(Expert) 18 March 2015
