Sale deed without consideration
11 months ago
Is there any sale deed without consideration.
Actually I want to buy shop from my neighbour without paying money ,and he his also agreed for that , is there any law for sale deed without money ( transfer of ownership)
A.Good evening!
Under section 122 of the Transfer of Property Act, 1882, one can transfer immovable property through a registered gift deed. The immoveable property is transferred voluntarily without any consideration. Transfer through a gift deed is also irreversible and binding. To make the transfer valid it is mandatory to register a gift deed with the sub-registrar as per section 17 of the Registration Act, 1908, and section 123 of the Transfer of Property Act, 1882. Stamp duty, registration charge must be paid.
Thus, in your case a gift deed can be executed and registered instead of a sale deed.
Under section 122 of the Transfer of Property Act, 1882, one can transfer immovable property through a registered gift deed. The immoveable property is transferred voluntarily without any consideration. Transfer through a gift deed is also irreversible and binding. To make the transfer valid it is mandatory to register a gift deed with the sub-registrar as per section 17 of the Registration Act, 1908, and section 123 of the Transfer of Property Act, 1882. Stamp duty, registration charge must be paid.
Thus, in your case a gift deed can be executed and registered instead of a sale deed.
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