Selling Gifted Property
Manish
(Querist) 07 March 2018
This query is : Resolved
I got a property few week back as a gift from my brother & I want to sell it now and buy a new property. I wanted to know is there any restriction of selling the property for certain period of time or is there any holding timeframe for Gifted property.
Manish
(Querist) 07 March 2018
Please revert
Manish
(Querist) 07 March 2018
Please revert
Vijay Raj Mahajan
(Expert) 07 March 2018
Free hold gifted property duly registered in your name can be sold anytime without anytime restriction.
SHIRISH PAWAR, 7738990900
(Expert) 07 March 2018
Once gift deed is registered then there is no time limit for holding property you can sale or rent the property as per your wish immediately.
Kumar Doab
(Expert) 07 March 2018
The said gift of property is by registered gift deed?
If yes; is there any condition in gift to hold the immovable property for …….time?
You have taken possession of the property?
Kumar Doab
(Expert) 07 March 2018
Generically; if there no defects then; you should be able to sell..
Since Gift is without consideration, when you sell capital gains may apply.
Manish
(Querist) 07 March 2018
Yes....Currently also m staying in the same flat....I consulted a lawyer in my area.... according to him some article 29 is there under cooperative housing society act, under which I have to keep Gifted property for atleast 1 year, society share cannot be transfer before completing the one year holding period. I want to sell the said property & want to buy a new one.
Manish
(Querist) 07 March 2018
Yes....Currently also m staying in the same flat....I consulted a lawyer in my area.... according to him some article 29 is there under cooperative housing society act, under which I have to keep Gifted property for atleast 1 year, society share cannot be transfer before completing the one year holding period. I want to sell the said property & want to buy a new one.
Dr J C Vashista
(Expert) 11 March 2018
No such restriction is there, if the State Cooperative Societies Act prescribes so, challenge it, before High Court and get it declared as ultra virus.
