On the death of my father the property was transferred to my mothers name in 1985.It is still in my mothers name. we are 3 brothers and two sisters.we want the property to be owned by all six people (mother+ 5 children).we also want the share of property to be different between 6 people by consent of all claimants. can this be done by a gift deed . can gift be given for different percentages. based on such registered Gift deed can the documents of title be obtained indicating the names of all owners with their percentage of share. If not are there any other mode to achieve the objective.
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mother can execute deed of family settlment wherein shares are given to all the family members
2) deed of family settlment can mention the share of each family member
3) deed of family settlment should be stamped and regsitered
4) on basis of deed of family settlment mutation can be done of the property in the name of the family members
1.If your has become the sole owner of the father's pore[rty then to make the children co sharer she will have to gift shares in your respective names.
2.if there are many other properties which are jointly owned by all of you then you can execute and register a deed partition and divide the properties on mutual consent.
3.In partition deed you can agree upon any percentage of shares if there is consensus among all of you.
1. By executing Partition Deed, all the 6 of you can own separately the piece of property by metes and bounds through consent of all claimants.
2. It is left to the beneficiaries to agree for equal or different percentage of shares.
3. Assuming that your father died intestate (without executing WILL) and the property got transferred in your mother's name in the municipal records by submitting NOC from all the children stating that the children have no objection to their deceased father's property transferred in their mother's name, then to partition the property amongst your mother and your siblings opt for Partition Deed amongst yourselves.
4. In the alternate scenario, on your father's intestate death, if all the children have executed Release Deed in your mother's favour, then your mother can gift the property to all the children by executing a registered Gift Deed in the jurisdictional Sub Registrar's Office.
5. Based on what is stated in point 3 or 4 , as the case may be, each legal heir shall be entitled to individual document of title and mutation of each individual's name on the partitioned property in municipal records.
After the demise of father, the property equally distributed in all legal heirs. After the creation of gift deed the mother become the absolute owner of the property. So now the option is create a settlement deed or partition deed in favour of children by mother.
A. All the legal heirs can be distributed immovable property by jointly and equally. However, i would like to suggest that the execution of release deed in favour of one person by receiving compensation towards respective share over the immovable property. Ex: House value is 10 Lakh and Five Share Holder, share released by 4 person to one person by receiving 2 Lakh each.
B. Second option is execute a Family Settlement Deed by showing consideration value amount with percentage and transfer the immovable property to one person.
C. Third Option is execute a registered Partition Deed by showing percentage to create equal share over the immovable property to all the members.
D. Execution of Gift Deed within the family members is most cheaper from the point of stamp duty. However, as per the latest amendment Rs. 5000/- to be paid stamp duty if the property is situated with in the BBMP limits. And Gift by creating percentage is created more confusion and it would affect on single title in future. single person or multiple person needs to satisfied the all queries regarding this document in future If anybody would like to sell the same to third party,
shashidhar s sastrys reply vide point no 3 seems to be suitable for us. However need clarification on the following points 1)If partition deed is done and registered would there be a fee for registration and at what rate 2)On producing such registered deed to the revenue/department authorities will the Khata be issued indicating all six names as joint owners together with the agreed percentage. 3) at a later date when the property is sold and realised value is shared as per the agreement can each person avail capital gain tax exemption by depositing amount of Rs 50 lakhs in REC bonds or NHAI bonds. 4) what otherthing needs to get all the names of joint holders in the the documents and what is the time required to do all these things.
1) stamp duty and registration charges have to be paid .stamp duty is state subject and varies from state to state . registration charges varies
2) khata will be issued in joint names
3) capital gains tax exemption can be obtained
4) it should not take more than 6 months
1. Since the Partition is being effected amongst blood relatives the stamp duty payable is around Rs.5650/- + 1 percent Registration Fee in respect of each partitioned property, along with scanning fee + incidental expenses in the Sub-Registrar's Office.
2. After obtaining partition deed, each person has to apply in a prescribed application form to the BBMP/Municipal authorities to get individual Khata for his share of the property or else a Khata can be obtained showing them as joint owners.
3. Regarding availing Capital gains exemption I am not competent to answer this particular question.
4. If you follow 1 and 2 all the names shall get mutated in the revenue records as joint owners in respect of the property.
This property belonged to your father who is reported to have died intestate.
Upon the intestate death of your father the properties left behind by him shall be succeed equally by all his successors in interest or the class I legal heirs consisting his wife, children and mother.
If your grandmother is not living then the property shall devolve on all your six people and each one shall be entitled to 1/6th share in the property.
If you people decide to settle the property among yourselves on any arrangement arrived in an amicable settlement, then a family arrangement or mutually agreed partition deed may be drawn, got it registered and accordingly each can have their own title in the property respectively.
1. The stamp duty and registration charges for registering the partition deed is a state and local subject, this can be clarified from the local registrar's office. You can get the information from the display board of the registrar's office.
2. Once a partition is done and you have a registered partition deed, you can apply for separate khatha on your name, you need not continue with the joint khatha.
3. Capital gains taxes shall be applicable as on the date of disposal of this property.
4. The time taken for getting the partition deed registered shall be one day or two days, but to gather all the share holders together is your problem and the time taken for this cannot be predicted.