Partitioning landed property between family members
3 months ago
We have landed property in Tamil Nadu. We have to divide / partition the property between two brothers. In Tamil Nadu, the property registration charges applicable are : Stamp Duty of 1% of the Guideline Value with Ceiling of ₹40,000 + 1% of Guideline Value as registration fee with Ceiling of ₹10,000. Is there any advantage in partitioning by filing a partition suit by one of the members? If so, please provide details. The guideline value of the property is 1 Cr. In case of partition suit, the court fee applicable is 1% of 1 Cr OR 1% of the share of the plaintiff (applicant) ie ₹50 Lakhs? Please advise.
A.Dear Client,
Until and unless an undivided property is divided or partitioned through a decree of the Civil Court passed in a partition suit, the legal heirs are not considered owners of their share in the said property. Once a property is partitioned, it becomes 'self-acquired property' in the hands of the legal heirs who have received it, which gives them an unfettered right to deal and/or sell their share on payment of the stamp duty and registration fees on the value of their respective share in the property. The court fee for filing a partition suit is levied on the value of the total area/volume of the property and after the partition of the property, Stamp duty and registration fees on sale are charged on the market value or set forth value (whichever is higher) of the property belongs to each owner post partition. The Court fees and stamp duty are different things applicable for different purposes.
Until and unless an undivided property is divided or partitioned through a decree of the Civil Court passed in a partition suit, the legal heirs are not considered owners of their share in the said property. Once a property is partitioned, it becomes 'self-acquired property' in the hands of the legal heirs who have received it, which gives them an unfettered right to deal and/or sell their share on payment of the stamp duty and registration fees on the value of their respective share in the property. The court fee for filing a partition suit is levied on the value of the total area/volume of the property and after the partition of the property, Stamp duty and registration fees on sale are charged on the market value or set forth value (whichever is higher) of the property belongs to each owner post partition. The Court fees and stamp duty are different things applicable for different purposes.
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