Hello..
I have a couple of questions.
1) Is a Quit Claim Deed (QCD) in relation to an existing residential flat legally acceptable in India.
If so, what format does it take. Does that have to be registered. Is there a governmental fee based on the value of transfer like registration itself.
2) Assuming that QCD document exists without disturbing the existing Title deed registration, who legally owns the flat (collects the rent etc.) until the QCD is produced and the property title is legally transfered/registedred.
3) is a 50% transfer through QCD possible, with a possible contemplation of another 50% in short order, before the whole (100%) property is registered under the new owners name.
4) Are most property lawyers in India reasonably familiar with QCD to execute such documents.
Frankly the reason we are looking into this is to spread the capital gains over two years by executing 50% QCD in Dec. and the other 50% QCD in Jan, before registering the entire sale transaction under the new owner. The seller is taxed on worldwide income and is looking to spread the accumulated capital gains over two tax years. The buyer and seller know each other, but not close relatives. So there is mutual trust -- at least for the short time that it is required!
Thanks,
Krish..
