Transferring my property to my parents before divorce

1. You can transfer your property in your mothers name by making a registered gift deed in her favour but first clear all the loan and get the papers of the flat with you . 2. Your wife can not claim any share in your property but if you can not give divorce to your wife or you cannot gift it to your parents/ mother during your life time or you cannot make your will and died then your wife and your mother as they are your legal heir of class I category will get equal 1/2 share each from your property. 3. best transfer the property before your divorce proceeding starts or when you feel convenient to you .4. for registered gift deed you have to paid 1% stamp duty of the total valuation of the property and 2% registration charge of total valuation of the property, for will you have to pay very nominal charges but registered gift deed is the best option.

Hi Laxmikantji,

Thankyou for your reply to my post. I have seen your other posts as well where you have replied to other queries. I would say all of your replies are very professional, sincere and really help needy people like us to understand procedures well.

I hope you continue this kind service of sharing your knowledge.

Best Regards,
Mandar

Dear Lakshmi kant sir,

 One doubt, In any case, the land property is completely owned by a man and no loans.

 Any time period to be considered by court so that spouse can claim for the property?. For example., in a couple of month if he is planning to start the divorce proceedings and he transferred or gift the land property to his mother in a month before divorce proceedings started.

 Is there anyway spouse claim the property share?.

Here are answers to your queries:

1. Can I transfer the flat to my parents name w/o any tax implications? YES

2. Will my wife have any right on this property after the flat is transferred to my mother, when I am alive or after my death? Well, this being self acquired property and also bought prior to marriage and then you have plans to gift it to your mother then No. However, bear in mine, once you gift it to your mother she will have exclusive right over this property and she can dispose it as she wishes, in case you have siblings, then it will equally divided among all of them.

3. When should it be transferred, before divorce proceedings start or can it be transferred afterwards also? Any time. Actually it is unlikely that, even if the property is in your name during the divorce, your wife can claim a stake in it, since it is not a joint property.

4. How much stamp duty would be required to pay in this case? It would be minimum and differ from state to state.

5. The flat has still some loan left. Do I need to take permission from bank before transferring? Yes, you cannot transfer the property as your property is mortgaged with the bank by way of deposit of tile deeds.

I transferred my property just before divorce petition came as IRBM law was suppose to get approved in Lok sabha. IF you are going to gift to your mother or father then give 100%. Do not leave even 5% on your name as IRBM may come back. Later make a will which gives you 100% right on the property just in case the beneficiary dies. Get will registered. Stamp duty is decided based on current index value of your property. My property cost was 1 crore at the time of gift so I paid around 1 lac plus as usual chai pani to registrar. If you give gift you don't have to pay any tax. Also your mother or father don't have to pay tax but tax return is required with gift information. Later if they sell property then the date at which you acquired property will be used to count tax. If it is already 3 years then long term capital gain tax will be applicable. You can buy upto 50 lacs worth of infrastructure bonds to avoid tax. 

If you have option to sell your property then it is better option and later buy it on your parents name and get will. But if you try to sell it then your wife may come to know so better assess your risk.

Few things need further discussion. Vested right or life interest?divorce u/s? Family court not so easy as you are thinking. Alimony to be decided by family court.pl take into all these imp question s of fact and law pointed out for your benefit only.thanks

i have questions on the above mentioned advices and ask experts to answer the following :

 

IF YOU TRANSFER / GIFT YOUR PROPERTY TO ANYONE JUST BEFORE THE DIVORCE CASE STARTS, IT WILL DEEMED AS DONE WITH MALAFIED INTENTIONS...........AND THEN YOUR GIFT DEED CAN BE REVOKED EASILY INT HE COURT. means, your property will come back to you on the order of court.

 

Read 'n' number of similar questions on this forum and you will understand what should be done..... !!    To safeguard your property, you can mortage it to anyone Or sell it. Even it is selling to a friend or a distant relative whom you trust fully. then after a few months, he 'secretly' gives it to your mother. in court you may prove that you were in need to money so, you had to sell your flat......then, transfer it to your mom/fathers name when required. BUT ensure...your that trusted friend does nto run away with your property. to safeguard that also you may make him sign an affidavit and a attorney contract.