Transfer for property
Rakesh
(Querist) 20 March 2014
This query is : Resolved
Hi,
I am staying in a property which is on my fathers name in mumbai. My father passed away this year and didnt kept my mother as nominee. I have two elder sisters. Now as per the law this property is divided into 4 parts 25% each to me , mother and 2 sisters.
Now my mother wants to make me a co owner of the property and sister are ready to sign. I want to make sure event after my sister consent which is the safest way to do this process. The final aim is that the property will be 50% each of my mother and me and my sister cant calim their rights on my share of 50%. My mother also want to make a will of her 50% on my name that after her the entire flat will be with me.
Request you to let me knoow much time, money and safe this will be.
Devajyoti Barman
(Expert) 20 March 2014
You can get either gift deed or deed of relinquishment executed by them.
Rakesh
(Querist) 20 March 2014
Thanks for your response Sir.
Which is the safest one and what is the time and cost involved.
Rakesh
(Querist) 20 March 2014
I mean gift deed or deed of relinquishment
R.V.RAO
(Expert) 21 March 2014
gift deed may be cheaper (in some states gifts from relatives are made more cheaper) and but either of the deeds need to be registered at SRO for which the state stamp duty and regn, fees only payable.
gift deed when registered is irrevocable unless vitiated by forgery or fraud in which case courts set aside the same.
gifts between relatives are tax free.
after getting regd. gift deed,mutate property in your name and take an E.C showing your name.
Dr J C Vashista
(Expert) 21 March 2014
Being a state subject Deed of Relinquishment will be economical and safe in Delhi. Deed of Gift attracts stamp duty which is at par with Conveyance/Sale deed.
Rajendra K Goyal
(Expert) 22 March 2014
Deed of relinquishment is better as advised by the expert Dr J C Vashista ji.
T. Kalaiselvan, Advocate
(Expert) 23 March 2014
First make a family settlement among all the legal heirs deciding about the title of the entire property in the future whether to have a it on a single person or jointly on two or more persons. In the family settlement, if it is decided to have the property jointly in your name as well as your mother's name, your both the sisters can jointly relinquish their rights and execute a registered release deed in both of your favor after which the property will be on the names of you and your mother.
