Property ownership
2 years ago
Hi, we recently purchased a flat and a loan was taken for the same, the problem is we didn't know how to get that registered, so I got that registered under my name and my mother who is a retired employee is funding for the loan, Now I want to transfer the property ownership to my mother and sister, could you please suggest me an advice what I can do to do so.
A.Dear Sir,
You have to first seek the permission of the Bankers and then execute a release deed in favour of your mother. Thereafter your mother may execute a Gift Deed to the extent of 50% of total property in favour of your sister.
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You have to first seek the permission of the Bankers and then execute a release deed in favour of your mother. Thereafter your mother may execute a Gift Deed to the extent of 50% of total property in favour of your sister.
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Advocate Sinjari Bandyopadhyaya
Responded 2 years ago
A.Your mother is already the joint Owner of that Flat having undivided 50 % share therein so you can gift your undivided 50 % share in registered manner in favour of your Sister, however, as you have taken loan for purchasing that Flat so you have to take permission from that Loan grating Authority in this regard as well as regarding the liability of your mother for payment of that loan.
Please take note that in case of registered Gift Deed by between brother-sister of same parent you will be entitled to get the reduced Stamp Duty as that of blood relatives.
Please take note that in case of registered Gift Deed by between brother-sister of same parent you will be entitled to get the reduced Stamp Duty as that of blood relatives.
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Ayantika Mondal @ Prime Legal
Responded 2 years ago
A.Hi,
You can transfer the share in the form of gift. For the purpose of making a gift of immovable property, the transfer must be registered, signed by or on behalf of the donor, and attested by at least two witnesses. The stamp duty, calculated on the basis of the market value of the property (differing from state to state), must be paid at the time of registration.
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You can transfer the share in the form of gift. For the purpose of making a gift of immovable property, the transfer must be registered, signed by or on behalf of the donor, and attested by at least two witnesses. The stamp duty, calculated on the basis of the market value of the property (differing from state to state), must be paid at the time of registration.
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A..Hi,
You can consult a lawyer for avoiding any further mistakes. If you want to transfer your property to your mother's or sister's name, you can do it in the form of gift. You can transfer the property as a gift to your mother/sister and your mother/sister should accept the same. That should be registered and attested by minimum two witness.
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You can consult a lawyer for avoiding any further mistakes. If you want to transfer your property to your mother's or sister's name, you can do it in the form of gift. You can transfer the property as a gift to your mother/sister and your mother/sister should accept the same. That should be registered and attested by minimum two witness.
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