My father owns a property in Bengaluru and doesn't have any other immovable property to be given to his kids. He got it registered in his name in 1990 by executing a release deed from his father, sisters and brothers. He is sole and absolute owner of the property since 1990. My father has 3 kids - 2 sons including myself and 1 daughter. He wishes to transfer the property in Bangalore to my name and in consideration for the same, i am expected to pay certain amount to my brother and sister.
I am planning to request my father to execute a gift deed in my name of the said property by paying required stamp duty to government authorities. There will a seperate document on Rs. 1000 stamp paper called memoradum of family settlement which will highlight that since i have got ownership of the property I will pay the agreed amount to my brother and sister. This document will also talk about all other aspects like taking care of parents by myself and my brother.
Do you think this is the best way to legally deal with this situation?
A.The Supreme Court in a recent judgment set out that Family Settlement Document which merely sets out the existing arrangement and past transaction will not be compulsorily registrable so drafting of such Family Settlement is required to be done in such manner that it will neither attract the provision of Registration nor give any right to your siblings or their legal heirs to challenge the Gift Deed so to be executed in your favour by your father in Registered manner and there will be other terms and conditions so to be binding upon your siblings and/ or their legal heirs for not to cause anything be it through legal steps or otherwise prejudicial to your and/or your legal heirs' peaceful enjoyment of that property in future.
Dear Client,
The death certificate of a deceased person is a crucial document that is mandatorily required for the issue of a legal heir certificate either by the Municipal Authority or to apply for a...
Dear client,
If the seller of the property is not now in India, he can still execute a POA abroad, but the process is slightly different. His first step is to visit the Indian Embassy or Consulate in...
Dear Sir,
If there is perpetual restraint from selling the land then the grandson cannot sell without the permission from the Deputy Commissioner. The conditions in the Darkasth to be read.
Dear Sir,
Yes, the mutation will be taken place as jointly in respect of your respective wives. You have to produce certified copies of both the Gift Deeds.
Dear Sir,
Without mutation jointly in the names of legal heirs it cannot be sold. You have to provide all the documents as may be advised by the Advocate of Prospective Purchaser.
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