My wife and her brother have inherited an house property in coimbatore tamil nadu from her father who passed away recently. On inheritance they have equal shares. The house was 40 years old and hence demolished and they are constructing five flats one in ground floor and two each in first floor and second floor all of the same size. The ground floor flat will be taken by her brother and the other four will be jointly owned by 1)my wife with her son 2)my wife with her daughter 3)my wife's brother with his son and 4) my wife's brother with his daughter. All will have different EB connections and door numbers. As the construction cost is borne by both of them pro rata according to the area allotted. is it necessary to register the property and pay stamp duty and registration charges if so on what basis? Or a partition deed will be sufficient and if so what are the fees for the same in tamil nadu?
Ask a question and receive multiple answers in one hour.
Lawyers are available now to answer your questions.
A. You have better options to enter into Sharing Agreement and register the same before the Sub Registrar office.
B. You can also enter into Settlement deed or Partition Deed by registering the same.
C. Contact a local advocate to know the exact stamp duty in your area.
1. The property developed on its own land where solely or jointly with a builder need no separate registration on payment of stamp duty.
2. A formal deed of partition suits best on this particular circumstances whose stamp duty is not much. Visit local registration office to know the actual figure of stamp duty which differs from state to state.
1) deed of Partition is to be executed between brother and sister . have it duly stamped and registered .
2) only local lawyer can guide you as to stamp duty payable on partition deed in TN
1. Partition deed will be the most effective instrument to divide the property in the given circumstances. Stamp duty on partition deed is nominal, the amount whereof can be ascertained from the office of the local registrar.
2. Registration of partition deed is compulsory.
Your wife and her brother have to enter into either registered Partition deed or Family settlement deed as per your distribution mentioned above. In Telangana, it is 1% on the Government Market Value of the property. It differs slightly from state to state. Check up in the local sub registrar office.
One of the means for acquisition of ownership on property is registration of the same ,so each property shall be registered on their respective names after paying requisite stamp duty either by way of deed of partition or family settlement/arrangement,then only they can claim absolute ownership on property in future.
Thanking you,
1. A formal Partition Deed duly registered is enough in this case,
2. While selling of any such flat to others, registration will be required.
this is your joint property and jointly owned by you both. you have two option one is partition deed and second is family settlement.
instrument of partition is required to be stamped under Schedule 1 of Article 45 r/w Section 2(15) of the Stamp Act.
family settlement does not create or extinguish any rights in immovable properties and, therefore, does not fall within the mischief of Section 17(2) of the Registration Act, 1908 and is, therefore, not compulsorily registrable. family settlement just define the right because all members have been in possession thereof so they have ownership and full right towards property because of thes it does not need to be stamped.
