Kartik (OWNER) 03 January 2013

Gift deed before the registry of the property

Hello,

I have a querry, hope experts here could help me out in the same.

The querry is:

Suppose A is elder sister to B

Now A had booked a flat from a builder three years back and till date has paid a sum of Rs.Thirty Lacs in installment till date

The possession of the said property will be given by the builder by March 2013

Now my question is since A has booked the flat in her name now she wishes it to Gift it to B her younger sister and the registration of the property is still not done so can A enter into a Gift deed for transfering the property into B's Name or A will have to get the registration done first into her name and then enter a gift deed to transfer the said property to B.

Kindly experts revert to this querry asap.

Thanking you in advance.

Reply Follow

3 Replies

Advocate Vishnu (Advocate) 03 January 2013

Dear karthik,

Since the property registration is not yet done, A can seek a change in records in consent with the builder and get is registered in B's name. A need not go through the procedure of first registering it in her name and then executing a gift settlement deed in favour of her sister.

Kartik (OWNER) 05 January 2013

Thanks a lot for your assistance sir but will it not effect B in Income Tax...as in from where did all the money came for the flat...as A has paid 80% of the amt till date through cheques of her own bank account will it effect any thing in IT...secondly B is not financially so good to purchase the property any idea if it would become an obstacle in filing IT return.

Thanking you once again sir..!!!!

Advocate Vishnu (Advocate) 05 January 2013

not at all.. since the money is paid by A and taxes have been paid by A, you will not have any kind of IT problems. Women's property howsoever acquired is her absolute property . Good luck.