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Selling half rights of my flat to my father
2 years ago
Because of capital gain requirement, my father needs to buy a property. I have a flat in Navi Mumbai (100% owned by me) in which I can sell partial rights to him.
Please let me know (a) if I can sell 50% (or70%) of ownership rights of this flat to my father against sales consideration (registered sales deed) to fulfil capital gain requirement (b) In that case, how does my housing society treat this transaction? (transfer of ownership or no transfer) Society Share certificates remains unchanged or are modified to show my father and I as joint owner? Thank you
Ayantika Mondal @ Prime Legal
Responded 2 years ago
A.Hi,
Yes, there would be a partial property transfer. A form of agreement for the transfer of some, but not all, of the property specified in paragraph (1). Yes, if the property's ownership changes, the certificates will reflect that change.
Thank you very much. Please give the answer a rating.
Yes, there would be a partial property transfer. A form of agreement for the transfer of some, but not all, of the property specified in paragraph (1). Yes, if the property's ownership changes, the certificates will reflect that change.
Thank you very much. Please give the answer a rating.
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A.Hi,
Yes there would be partial transfer of property. A type of arrangement is described in paragraph (1) for the transfer of some, but not all, of the property. Yes if the ownership of the property changes then the certificates will also show the same.
Thank you. Kindly rate the answer.
Yes there would be partial transfer of property. A type of arrangement is described in paragraph (1) for the transfer of some, but not all, of the property. Yes if the ownership of the property changes then the certificates will also show the same.
Thank you. Kindly rate the answer.
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Advocate Sinjari Bandyopadhyaya
Responded 2 years ago
A.Whenever you through registered Deed of Sale, transfers undivided 50% or 70% share of your Flat to your father then he will become the Joint Owner so the Housing Society will also record that property transfer considering the Flat under joint ownership.
You have not specified whether you are single child or not. If you have other siblings then after such property sale in your father's favour when he will die without having any Will in your favour,then his share in that Flat will devolve upon all his legal heir and heiress and they will become the Owners of that Flat along with you.
You have not specified whether you are single child or not. If you have other siblings then after such property sale in your father's favour when he will die without having any Will in your favour,then his share in that Flat will devolve upon all his legal heir and heiress and they will become the Owners of that Flat along with you.
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