Nature of deed for secure rights to land bought in mother’s name
2 years ago
About 10 years ago I had purchased a land in my mother’s name since I(daughter)was in US. Now I am planning to move this to my name. I need consultation on what particular deed (sale deed / gift deed or any other transfer) will completely secure my rights to my land legally against any unilateral revocation as well. There are 2 brothers.
Better take Sale Deed from your mother since now it is standing in her name if she is ill-advised then she may claim it as of her. Put some amount in her account and withdraw the same and thus get sale deed in your name which will be strong document.
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Ayantika Mondal @ Prime Legal
Responded 2 years ago
A.Hi,
A Gift Deed is a legal document that describes voluntary transfer of gift from donor (owner of property) to donee (receiver of gift) without any exchange of money. The donor must be solvent and should not use this tool for tax evasion and illegal gains.
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A.Hi,
Since you would not be paying any amount for the land to your mother, it is better to get a gift deed done. There is nothing like consideration in a gift deed,as per transfer of property act a gift is devoid of consideration. If donee pays the stamp duty,that might be taken as consideration that renders a gift void.So the doner is responsible to pay the stamp duty.
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A.Anything is fine and you can go ahead with either Sale Deed or Gift Deed as both are safe and secured and irrevocable. And since this land was bought in her name so, it is self acquired property and she can very well transfer it t you.
The only difference between the Sale Deed and Gift Deed that you will see will be in the Stamp Duty and registration Fee. For example in West Bengal the total fee for Sale Deed would be 6% and for Gift Deed would be .5%. SO, Gift deed will be economical.
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