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2 years ago
I want to assure my sister about the property I had in my name, We didn't know how to register, so we made a mistake by registering it in my name instead of my mother's name, now I want to share the property with my sister and assure of this and be precautions about future repercussions regarding the property, Could you please suggest me a possible step to take to avoid conflicts regarding the property.
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.If you wish to hold the property jointly with your sister,then you can gift the undivided 50 % share of that property in registered manner in favour of your Sister following all the processes of due execution and registration. 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.
If the purchase on your part had been done through any loan from any Financial Institution and if that loan is unpaid ,then you have to take permission from such Financial Institution before executing and registering that Gift Deed as well as regarding the liability for payment of such loan.
If the purchase on your part had been done through any loan from any Financial Institution and if that loan is unpaid ,then you have to take permission from such Financial Institution before executing and registering that Gift Deed as well as regarding the liability for payment of such loan.
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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 sister's name, you can do it in the form of gift. You can transfer the property as a gift to your sister and your 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 sister's name, you can do it in the form of gift. You can transfer the property as a gift to your sister and your sister should accept the same. That should be registered and attested by minimum two witness.
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