Settlement or gift
visuiyer
(Querist) 22 June 2021
This query is : Resolved
I have agricultural property; which I am planning to give to my nephew who is unmarried. ( I have never married and no adopted children)
Now ther querry is...
a) can I give the land as gift to my nephew or
b) should I draft a settlement deed.
In both the cases, what are all the formalites, and which is easy in respect of procedure and cost - Experts please guide and advise.
Shashikant V. Patil
(Expert) 23 June 2021
You can execute gift deed . Stamp duty is also less for this gift deed. This is easy to execute and register. You will be called doner and your nephew will be called donee in the gift deed. If more family members are there to distribute share of land then settlement deed is to be executed.
kavksatyanarayana
(Expert) 23 June 2021
Yes. You can execute a Gift deed in favour of your nephew and get it to be registered. In some States, the stamp duty is reduced if Gift is given to blood relatives(family father, son like that), relatives (nephews) and others in three types. So check in your State.
Sri Vijayan.A
(Expert) 23 June 2021
You can execute gift deed.
Settlement deed is not possible.
There is no concession for stamp duty in this case. The transfer is not within the family members as per the definitions in the Stamp Act.
visuiyer
(Querist) 24 June 2021
Thank U ji.. for the great support..!!
T. Kalaiselvan, Advocate
(Expert) 25 June 2021
As rightly advised by experts above, it may not be possible to transfer the property by a settlement deed since he is not your blood relative, however you ca transfer it to your nephew by registered gift deed.
The applicable stamp duty may be enquired from the local registrar's office.
