Joint ownership
arorapuneet
(Querist) 10 January 2011
This query is : Resolved
Hi,
My father and my sister are joint owners of a flat in a co op housing society.Now if my father wants to be the sole owner of this house how should we proceed with this ???
1)Also the shares certificates issued by the society bear the joint names with the first name of my sister.
2)Also is there any other alternative apart from executing a gift deed and if so what are the tax implications, and registration procedures??
Devajyoti Barman
(Expert) 10 January 2011
Your sster would need to transfer her share in the property so your father could become its absolute owner. Therefater he needs to submit an applicatiion after which the Society would make the necessary changes in the membership. Keeping the cost in mind , making a gift deed would be the most cost-effectve method to transfer the share.
arorapuneet
(Querist) 11 January 2011
Thank you sir for your immediate reply.Also i would like to know if a relinquishment deed would be a better option or in case if i dont wish to pay the stamp duty is there any other alternative ??
