T.V. Sreenivas (Professor) 25 November 2013

Partition deed vs gift deed

Hello Sirs,
I am going through a divorce and I have to exchange immovable property with my wife (give and take); actually the property in my wife's name is also self acquired by me, but registered in her name because of a family tradition. We have a grown up son (27 yrs) studying. We have come to a mediation settlement of gifting her a 3 bed room flat in return for returning me back an empty plot. A well wisher is suggesting that it is better to do a partition deed of settling all the property of the family (two apartments and one site), between the three of us. Is this better or is it better to do individual gift deeds of one from her to me and another from me to her.
Pls clarify urgently; we need to finish this deal within this week.

Thanks a lot.

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2 Replies

BAALASUBRAMANNYAMM (Advocate) 25 November 2013

If you want to give share of your property also to your son, you better to go for "Partition Deed" which in turn covers all the three properties. You are having 3 options. (1) Gift Deed. (2) Partition Deed and (3) Deed of Exchange. With regard to Gift Deed and Partition Deeds, registration costing is one and the same and with regard to the Exchange Deed, the registration cost is too cheap. so decide your self.

T.V. Sreenivas (Professor) 27 November 2013

Thank you sir for the response; I did not know about the exchange deed. If it is cheaper than gift deed or partition deed (this is also nominal because of close relations) I will try.

Actually I have to get back the site is in Bangalore and give her the apartment in Mysore. Thus, we need to exchange one property in Mysore to another property in Bangalore; which registrar office should we go for the exchange of properties? (the third property of a flat in Bangalore I want to retain myself)

If I go for partition deed, I want to give Mysore flat to wife, the empty site to my son and retain the Bangalore flat to myself. Is it easy to do a partition deed of the whole estate of the family?

Could you pls send me a format for the exchange deed? and the parition deed? ... tvsreenivas@gmail.com