• Transfer of property

My father had a flat. We are three brothers. How can the flat be transferred to me if my brothers concur?
Asked 7 years ago in Property Law
Religion: Hindu

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14 Answers

1) on father demise you have one third share in flat

2) your brothers can execute relinquishment deed or gift deed in favour

3) I presume your mother predeceased your father and you don't have any sisters

Ajay Sethi
Advocate, Mumbai
95215 Answers
7611 Consultations

5.0 on 5.0

Gift or relinquishment deed would serve the purpose

2) stamp duty is a state subject and varies from state to state

Ajay Sethi
Advocate, Mumbai
95215 Answers
7611 Consultations

5.0 on 5.0

Legal fees vary depending upon lawyer engaged by you

Ajay Sethi
Advocate, Mumbai
95215 Answers
7611 Consultations

5.0 on 5.0

Hi

If your father is willing he can transfer it vide a gft deed as he is entitled to dispose his property as he likes. Your brother s cannot make any obstacle on that legally.

The cost effective way to transfer is to market a gift deed so that title week be absolute and the stamp duty is minimal.

The fee is stamp duty and the registration charges .

Thresiamma G. Mathew
Advocate, Mumbai
1642 Answers
212 Consultations

5.0 on 5.0

Hi, your father has to execute gift deed in favour of you so that you will become the absolute owner of the property.

2. Suppose if the property is ancestral property then your brothers has to execute release deed in favour of your father and thereafter your father has to execute gift deed in your favour.

Pradeep Bharathipura
Advocate, Bangalore
5607 Answers
336 Consultations

4.5 on 5.0

1) if you are making payment to your brothers then let your brothers execute sale deed for their share in property

2)payment of consideration should be by cheque or demand draft only

Ajay Sethi
Advocate, Mumbai
95215 Answers
7611 Consultations

5.0 on 5.0

Your brothers can execute and register a gift/settlement deed in your favour conveying their shares in the said property to you.

Krishna Kishore Ganguly
Advocate, Kolkata
27245 Answers
726 Consultations

5.0 on 5.0

1. They should register a gift deed which will cost you 1.6% of the market value of the gifted portion of the property plus the fees for the lawyer.

2. Out of the above 1.6%. Stamp duty will cost you .5% and registration fee will take 1.1%.

Krishna Kishore Ganguly
Advocate, Kolkata
27245 Answers
726 Consultations

5.0 on 5.0

Fees will be 1.6% as has been explained in my earlier post.

Krishna Kishore Ganguly
Advocate, Kolkata
27245 Answers
726 Consultations

5.0 on 5.0

1. You should go for gift deed since there is a concessional stamp duty charged for registering the gift deed favouring blood related person.

2. You should negotiate with your said brothers about the compensation which should not be mentioned in the said gift deed.

3. If compensation for registering gift deed is mentioned, it will be void at law and it will be treated as a sale deed wherein more percentage of stamp duty will be required to be paid.

Krishna Kishore Ganguly
Advocate, Kolkata
27245 Answers
726 Consultations

5.0 on 5.0

My father had a flat. We are three brothers. How can the flat be transferred to me if my brothers concur?

If this property was your father's own property and if he is reported to have died intestate then the properties shall devolve equally among all his successors in interest or legal heirs, which includes your mother and your father's mother (if living) and your sisters.

In such a case all the legal heirs have to execute a registered release deed in your favor relinquishing their rights in the property.

T Kalaiselvan
Advocate, Vellore
85416 Answers
2239 Consultations

5.0 on 5.0

What is the most cost effective way to do it?

Whether cost effective or otherwise, the option suggested may hbe the only legally viable option, any other mode may be more costly and probably not maintainable in law.

T Kalaiselvan
Advocate, Vellore
85416 Answers
2239 Consultations

5.0 on 5.0

What are the fees to be paid for this transaction?

It depends on the person whose services are to be engaged by you, the service charges or fee of some other person cannot be predicted.

T Kalaiselvan
Advocate, Vellore
85416 Answers
2239 Consultations

5.0 on 5.0

Father and mother are both deceased. What is the mechanism of compensating my brothers if they relinquish? What are the tax implications?

You can talk to your brother in terms of compensation and your affordability including the mode and terms of payment for their act of relinquishing their rights in your favor.

Accordingly you can draft the relinquishment deed with the conditions incorporated therein.

There is no tax implication for inherited property.

T Kalaiselvan
Advocate, Vellore
85416 Answers
2239 Consultations

5.0 on 5.0

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