Transfer of property
LNS1975@GMAIL.COM
(Querist) 30 November 2012
This query is : Resolved
DEAR EXPERT,
I AM REPRODUCING A QUERY FOR RESOLUTION :
MR.X BOOKED A FLAT AT MUMBAI & MADE A PART PAYMENT OF 7-8 LACS IN THE YEAR 2004.BUT DUE TO POOR FINANCIAL CONDITION HE COULD NOT TOOK THE POSSESSION OF THE PROPERTY IN 2004 BY PAYING THE REST AMOUNT OF RS.50 LACS.
ON THE CONTRARY HE HAS ASKED HIS BROTHER IN LAW TO TAKE THE PROPERTY BY PAYING THE INVESTED MONEY TO HIM & BALANCE AMOUNT TO THE BUILDER.
FOLLOWING FACTS TO BE NOTED :
1.MR.Y (BOTHER IN LAW OF MR.X) PAID THE AN AMT OF RS.50 LACS TO THE BUIDER DIRECTLY ON BEHALF OF MR.X.
2.MR.Y ALSO PAID TO MR.X AN AMOUNT OF RS.7 LACS .
3.MR X TOOK THE POSSESSION IN THE YEAR 2004 AND HANDED OVER THE FLAT TO MR.Y.
4.THE TRANSFER CONEYANCE HAS NOT BEEN EXECUTED AS OF NOW.
5.THE ENTIRE CONSIDERATION WAS REMITTED FROM OUTSIDE INDIA AS MR.Y WAS A NRI DURING SUCH PERIOD.
6.PRESENT MARKET VALUE OF THE PROPERTY IS AROUND 4 CRORES.
NOW ,MR.Y WANTS TO TRANSFER THE PROPERTY IN HIS NAME.
1.WHETHER TRANSFER CAN BE POSSIBLE IN FAVOUR OF MR.Y ?
2.IF YES IF THE TRANSFER IS TO BE EFFECTED,THAN WHAT AMOUNT OF STAMP DUTY IS REQUIRED TO BE PAID ?
REGARDS,
LNS
Raj Kumar Makkad
(Expert) 01 December 2012
Such property can very well be transferred in favour of Y by Mr. X by way of gift deed and rates of stamp duty are to be ascertained from the local office of registrar. As per my knowledge, the rate if 2% in Maharashtra.
LNS1975@GMAIL.COM
(Querist) 08 December 2012
But Sir on which Value 2 % i.e on current Market Value or on the price paid by Y to X & the Builder.????
Regards
Raj Kumar Makkad
(Expert) 08 December 2012
Price paid by Y to X and the builder.
LNS1975@GMAIL.COM
(Querist) 11 December 2012
Sir u direct me how to go about it for resgistration & what are the documents required for doing so.
LNS1975@GMAIL.COM
(Querist) 11 December 2012
I am sorry
the sentence should be read as under :
sir can u ................
Raj Kumar Makkad
(Expert) 11 December 2012
All permissions/NOC obtained from statutory authorities like municipality, DTP, society etc. with the search report of last 30 years.
It is advised to obtain the service of local lawyer who can very well perform this work by personally visiting the various authorities wherein such report is available to given you final search report of the property according to you may move ahead.
