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Adding a 3rd persons name in property deed

Hi,

We have a property which is purchased on my Father and my ealder brother's name, now my father and my brother are willing to give me a 1/3 share in the property (for which iam giving some amount), so that it will become equal share among my parents and us, what type of deed will suits for us either Gift deed or Family settlement deed instead of sale Deed.

Thanks in advance...

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3 Replies

ASIT BARAN HAJRA (LAWYER) 16 December 2011

Regiter gift deed by your father and brother in your favour trasfering equal share ,is the best option

Asit Hajra.Advocate

1 Like

Devendra Singh (Legal Practise) 19 December 2011

since you are paying the value for the shae which you are geting then better go for the settlement deed. in case of gift deed the stamp duty will be less but it will reprsented as if you have received the gift from your father and brother, instead get the deed executed, get it adjudicated and pay the valur of the same.

Ramesh Chander (-) 29 October 2013

There is a property purchased jointly by my wife and my mother in law about a year ago and its partly funded by financial institution and EMI's are being paid regularly.

I want to add my name into that property by paying some amount to reduce EMI burden as well as for other reasons.

Pls suggest a way out. Is it allowed, if it is allowed what is the process to be followed.

Appreciate an early revert.