Transfering of house property

Querist : Anonymous (Querist) 09 August 2011 This query is : Resolved
there is a house on the name of 3 brothers. All are above 23 and 2 are married. They want to transfer the house to her married sister. What should they do so that there should nt be any problem afterwards for any one and how! kindly advice

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Guest (Expert) 09 August 2011
they can execute a release deed which is registered in the registrar office

K.S.Srinivas (Expert) 09 August 2011
As suggested by Mr.Sachdev.

R.Ramachandran (Expert) 10 August 2011
Since the property is in ONLY the name of three brothers and not in the name of their sister also, it cannot be given to sister by means of a RELEASE DEED. Release Deed is possible only if a party to whom the property is sought to be released is already a owner/having a share in the said property.

Therefore, all the three brothers, have to execute a Registered Gift Deed in favour of your sister. It will involve Stamp duty on the basis of the value of the property and also registration charges. It is almost similar to executing a SALE DEED. The only difference between GIFT DEED and Sale DEED is the absence of sale consideration in the Gift Deed.

Otherwise, it will definitely involve stamp duty and registration charges. There is no other method, in which you can transfer this property to your sister, which is hassle free.

Querist : Anonymous (Querist) 10 August 2011
thanks to all

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