1) your father can execute will bequeathing his 50 per cent share in flat to you
2) will should be attested by 2 witnesses
3) in alternative he can execute relinquishment deed to relinquish his share in flat
My residence is being owned by my father and me jointly. My father gave all the finance to purchase the house. Now due to his old age, he wants to register the house fully in my name so that there is no legal problems lather on as is encountered in cases of will being challanged. What is the most economical method for this. In Rajasthan gift deed attracts 4% registry charges.
Alternately is there any other method so that this process is not challenged after my father
1) your father can execute will bequeathing his 50 per cent share in flat to you
2) will should be attested by 2 witnesses
3) in alternative he can execute relinquishment deed to relinquish his share in flat
Hi
Gift deed will be the easiest way to get the property transfered to your name.
Go ahead.
Thank You
Your father can also make a registered will for his share a registered will cannot be challanged and after death of father by virtue of will you can get all the property.
Settlement deed or gift deed would be a proper way to tranfer the property right during the life time of settlor. It would avoid unnecessary litigation in future.
Get a relinquishment deed registered in your favaour from your father in respect of his 1/2 share. It would be economical and bear only registration charges. Contact a local lawyer in Bhiwadi and get the Relinquishment Deed registered in your favour in the office of Sub Registrar, Bhiwadi.
1. IRRESPECTIVE of any other options, for ÏNSTANT & Legally SAFEST, option, the GIFT deed, is best way to move forward. This option also eliminates all futuristic claims by ANY probable known /unknown claimants and further also truncates out the change of mind by the Gift-Maker, that is always available, via change of will and challenges therein.
Keep Smiling .... Hemant Agarwal
The answer lies within your question itself
gift deed as of now is the most economical if you intend to have the property transferred to your name alone in your dad's lifetime
as you rightly pointed out that a Will may face legal challenge by other legal heirs and so the property may get locked in legal dispute
so consider the pros and cos and decide for yourself
Dear,
As you mentioned that this property is in your joint ownership, then in place of gift deed,
transfer property through release deed presented by your father in your favour.
in Rajasthan release deed attracts 1.5% only.
Dear Client,
No need of GIFT DEED as expansive too,
HAQ TYAG, ( Release deed ) is best left option, with 1.5% stamp duty/registration charges.
Or through registered WILL, your father can bequeath his property/share in you. 1000 Rs fees.
The best way to avoid the the stamp duty is to make a gift deed without any consideration or Relinquishent deed without consideration.
But, it can only be done by your father if he already has a title deed in his name if not then first register the property on your name only as per rule and pay the stamp duty.
A registered gift deed or a settlement deed shall be the best option for a proper and legally valid transfer of his share in the property to your name to make you an absolute owner with clear marketable title to the property.
You may enquire about the rates applicable for settlement deed for transfer within family/blood relations.
Alternately is there any other method so that this process is not challenged after my father
Any transfer of an immovable property shall be carried out by a registered deed only, otherwise the same is not valid in law and it can be challenged in court.
Hello,
the same can be transferred by means of a gift deed.
Please cross check the registry charges in case of gift deed among the blood relatives
regards