Partial transfer of property ownership
thakkar
(Querist) 18 December 2012
This query is : Resolved
I want to purchase a property (residential plot or house) with my brother jointly. I will pay 75% of the price of the property and my brother will pay 25%. Please tell me the following :
1) Will I be considered as owner of 75% of the property or only 50% (as the property is jointly owned by 2 persons) ?
2) In future, if it is required to transfer ownership of the part owned by my brother to myself, what is the legal process to be followed ?
3) Is a new Dastavez (Registered Sale/Transfer Deed) to be made for this transfer ? If yes, please tell me whether stamp duty has to be paid on the entire value of property or only on 25% owned by my brother ?
4) What is the present stamp duty rate and registration charge in Gujarat ?
Thanks
Devajyoti Barman
(Expert) 18 December 2012
1. Yes if your contribution is mentioned in the sale deed. Else both of you would be considered as half share holder.
2.Execute gift deed of relinquishment deed.
3. As per value of his share.
4.check local offie.
Raj Kumar Makkad
(Expert) 18 December 2012
1. If you clearly mention shares of you both in agreement as well as in registered sale deed then you shall be owners accordingly.
2. Gift deed.
3. When you are purchasing then stamp duty shall be leviable on entire cost but when your brother shall gift it to you then only on his share.
4. Enquire from local registrar.
