Transfer of property in blood relation

Thanks for a quick reply.

You are welcome!

You mentioned  - 'The registered settlement deed by your father in your favor with life rights for your father during his life time can be a good prespective..................and with less hazards and safeguard to your interest................'
What is this registered settlement deed? Is it same as registered WILL?

NO, It is not.

If it is ancestral property your father cannot will the  property.In an ancestral property even grand-children(born or unborn) have a share.So that question doesnot arise.Your father and his sisters and major children of your aunts will have to join in executing the document alongwith your sisters and their major children,if any.All of them give up their interest in the property in your favour by this document.It has to be  a partition deed.Since it is between family members the stamp duty will be upto some maximum amount of  say20 or 25 thousand or leven less.This is the law if you want to protect yourself from all future litigation.

I have personal experience of having done this,so it is not just academic discussion.In our case we sold the property to X who insisted for all the above to be done.

Originally posted by : Tushar
	Dear Experts, I am rebuilding our house in Maharashtra for my parents. Me and my father visited a consultant for transfer of property from my father to myself. He advised us that we need to perform a sale deed on the government valuation of the house and need to pay regular stamp duty. Is it correct? Do we need to pay stamp duty on transfer of property in blood relation? The home is ancestral and had been transferred from my grand-uncle to my father (and as per my father it was done by a registered deed, paying some fees at that time). My father has two sisters and I have two sisters. Property details: Independent house (Villa) State: Maharashtra   Can anyone please advise best way to transfer property on my name? Will sisters or aunts have any right over property after lawful transfer of property on my name?   Thank You. Kind Regards Tushar

The property has been acquired from Grand Uncle and may not be ancestral...........

You have not mentioned which and what deed was registered to to acquire the property. 

Ancestral Property:

Property acquired by the Hindu great grand father, which then passes undivided down the next three generations up to the present generation of great grand son/daughter.……………..i.e. 4 generations old.

Properties inherited from mother, grandmother, uncle and even brother is not ancestral property. Property inherited by will and gift are not ancestral properties.

I am out of India, so took bit longer to find the deed.

This deed was executed in year 1982, handwritten and titled as 'bakshish patra' (in marathi language meaning - gift certificate).

According to this deed, registration fee and stamp duty/ fees paid on property valuation at that time and my granduncle has transferred all legal and ownership rights to my father.

Regards

Tushar

NO comments on term 'Bakshish Patra' in year 1982. ( IT is in marathi language).

Noted that it was registered 

If it is Gift deed / equivalent of  Gift deed per extent and applicable rules/laws that confers title on donee with immediate effect as in case of Gift deed then; as donor has gifted and donee has accepted gift, the gift is complete and donee become owner.......................and can act like owner.

The nature of immovable property acquired by valid/registered gift deed is self acquired...............therefore its nature in the hands of current owner should not be ancestral...........

The local senior counsel of unshakable repute and integrity specializing in such/testamanetary/succession/civil matters well versed with local terms/rules/laws.......................from time to time and having successful track record in handling such matters ..................can examine all docs on record and inputs  for a considered opinion, options, and merits in each option...................

Approach such counsel without any hesitation.

Pls post back the opinion of your own counsels...........

LCI expert; Mr. Hemant Agarwal from your state has been posting on such matters with his concise and precise comments.............

If you wish you may get in touch with him......

Thanks Mr Kumar. I will get in Touch with Mr. Hemant Agarwal.

You are welcome.

Wish you the best.