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ritu sharma (owner)     06 December 2010

Best way to transfer property to a family member?

 

Dear sirs,

My husband wants to transfer the ownership of his factory land as well as the factory building to my name. Which would be most hassle free and yet safe way to do so.I heard it can be done through notary or through gift deed. Which of the two is better and cannot be challenged later? Is there some other better way to do this. 

Any insights are appreciated.

 

Thank you very much. 

Regards



Learning

 7 Replies

Nu.Delhi.Law.Fora. (Advocate-on-Record Supreme Court of India)     06 December 2010

Dear Querist,

 

Transfer of rights in property can be done by means of relinquishment deed or by executing gift deed. Both of the deeds need registration. Mere notarisation may create some legal hassle in future.

R.Ramachandran (Advocate)     06 December 2010

Dear Ritu,

If your husband wants to transfer the properties in question in order to escape his liability elsewhere, please note he will not be able to escape his liabilities by transferring the same in your name. 

In case the transfer is being done on a normal manner, then it has to be either by way of GIFT or WILL.  While GIFT deed will involve the stamp duty as for a proper sale deed (of course there will be no sale consideration, but the value for the purpose of stamp duty would be the Circle rate fixed by the Government if any) there will not be any stamp duty in case of WILL.  The GIFT will take effect immediately.  However the WILL will take effect only after the death of the person who is making the WILL.

The Gift Deed is required to be registered.  The WILL may or may not be registered.

1 Like

SACHIN AGARWAL (ADVOCATE)     09 December 2010

The immovable property can be transferred by registertation of the deed either it is the sale deed or gift deed or exchange deed and the stamp duty is involved in all those deeds The Will is not required to be registered. But in U.P., the Will of Agricultural Land is compulsorily registrable. The proeprty can not be transferred by notarized deed.

 

If the property is in the name of the firm, you husband may wiothdraw from the firm and you may enter therein as partner.

Y ARAVIND (ADVOCATE)     10 December 2010

Mr.R.Ramachandran dealt elabartely.

sanjay (other)     23 December 2010

does the property (which he received from Ancestral partition deed) that husband wants to transfer the ownership to wife as gift deed, still this have the uptodate katha and tax paid recipts in his name ?

or only the registered partition deed is enough to excecute the gift deed, pls through some light.

mohd noor (social)     05 March 2011

we are 3 brother & 3 sister mother isalive father expired. all property in rent act in mother name house and two shop and in father name two shop. i am elder son i took care of family for 20 years now iam having three daughter. alwas there was harassment  to me now other family members are trying to take away my share making forge document my nother is old they are trying to make press on my mother to not give any share to me & not letting me to meet her

anna (ca)     28 July 2014

my mother-in-law have made a will where she have granted a flat in my name, but this will is not notarised, can you help us to know what is the procedure to transfer the property in my name. she have 3 legal heir (alive) but those people are not been granted anything according to the will.


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