Separation of immovable properties

Querist : Anonymous (Querist) 18 November 2011 This query is : Resolved
Sir,

we have two ownership flats in a suburb of Mumbai. Both flates are of same price and having same area. there are we two married brothers, my parents and one elder sister (married) in my family.

in two flats, one flat purchased in the name of my Mother and we two brothers are nominees in the said flat. the second flat is purchased in the joint name of my brother and myself and our wives are nominees in the said second flat.

now my mother is expired, and we two brothers wanted separation of two flats. My brother wants the flat, which is in the name of my mother. where he is residing presently and i will take the other flat wherein i am residing.

our elder sister is well settled and she do not want any share from any of the property of my mother.

i want to know that what procedure should we need to follow to separate the ownership of flat in the name of our each one.

Please reply at the earliest.

Thanks in advance.

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A V Vishal (Expert) 18 November 2011
Execute a relinquishment deed in favour of one another and make necessary changes by filing the appropriate forms with the building society and transfer the shares onto your names.

ajay sethi (Expert) 18 November 2011
1) in respect of flat standing in your mother name where you and your brother are nominees you can by letter addressed to society inform them that you do not have nay objection that flat be transferred in your borther name .

2)as far as second flat is concerned your brother can execute a gift deed in your favour in respect of his 50%share.

3) contact the secretary of your society .

4) society may call upon you to execute indemnity bond indemnifying society against all claims made by any other legal heirs .

Nadeem Qureshi (Expert) 18 November 2011
Mr. ajay is right

Sankaranarayanan (Expert) 18 November 2011
yes i do agree with mr sethi

prabhakar singh (Expert) 18 November 2011
@Mr. sethi!

To remove my doubts please.

1]Shall the title acquired in by inheritance by trio[2bros & 1 sis] will pass legally simply by changing mutation in the society and would be a marketable one for one is getting it exclusively ???

2]how sister share would pas here to one brother alone here flat left by mother????

3]In the flat owned by 2 brothers only NOC
and indemnity would be sufficient to covey
marketable title in 1 alone.

or
Your advice is simply inexpensive solution
to meet out the current scenario only.

Please guide me for my understanding.

ajay sethi (Expert) 18 November 2011
mr prabhakar singh

inexpensive solution to meet current scenario .

2 sons are nominees . mother is dead . if one brother give his NOc society transfers flat in name of the other nominee. the said nominee is a trustee for legal heirs . society takes an indemnity bond

3) sister should also sign the NOC . letter to society that she has no interest in property . society will transfer share in name of brother .
4) society transfers flat gets it approved in AGM .

Rajeev Kumar (Expert) 18 November 2011
I agree with Mr.Sethi

Querist : Anonymous (Querist) 18 November 2011

Thank you all Experts and Thank you Mr. Sethi,

Sir i want to know that is there any other option except gift deed? I think we should pay gift tax if we execute gift deed.

ajay sethi (Expert) 18 November 2011
i have told you inexpensive option . obtain NOC get flat transferred .

prabhakar singh (Expert) 18 November 2011
Thank you Mr. Sethi for washing out my confusion.

prabhakar singh (Expert) 18 November 2011
Mr. Anonymous!

A registered relinquishment deed is an other solution.

Querist : Anonymous (Querist) 19 November 2011
Thank you experts.

prabhakar singh (Expert) 21 November 2011
most welcome.

Devajyoti Barman (Expert) 22 November 2011
Yes I agree.

Separation of immovable properties

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