Gift deed/sale deed

Querist : Anonymous (Querist) 07 January 2012 This query is : Resolved

When any one give property to his husband's Brother without consideration then According to property law-
which deed should be executed between them?
Gift deed or Sales Deed.

Because in Haryana stamp duty rate are
Gift Deed-- 5%
Sale Deed-- 5%

As per Income tax Act this is taken as gift and not levy/applicable any income tax on them.

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M.Sheik Mohammed Ali (Expert) 07 January 2012
as your wish's, if you not expecting any consideration than will give gift deed.

M/s. Y-not legal services (Expert) 07 January 2012
already i replied to this same query.,

-tom-

Deepak Nair (Expert) 07 January 2012
Since there is no consideration, you have to execute GIVT DEED only.
For sale deed you have to show the receipt of consideration.
Stamp duty may be the same for both.

Rajeev Kumar (Expert) 07 January 2012
Because there is no consideration so execute a gift deed

Querist : Anonymous (Querist) 07 January 2012
deepak nair ji in haryana state
There is difference in Stamp duty rate

On Sale deed-- 7%
On gift Deed-- 5%

Now what to do.

Raj Kumar Makkad (Expert) 07 January 2012
Mr. Anonymous! I am also in Haryana. I do reside in Bhiwani and practice there in District Court. You may contact me personally for your query otherwise gift deed is better in your case.

Sushil Sharma (Expert) 07 January 2012
why dont you try compromise or collusive decree by court in your favor. if you have no idea contact me...

advocatesushilpandit@gmail.com