Dear client,
Not partition but settlement deed , same stamp duty payable. In there life time , for transfer in your name, Gift or settlement deed only option.
WILL is cheapest way to become owner but WILL is effective after death.
Partition Deed or Gift Deed
Sir, I am the only adopted son (No Sibilings) to my parents without registration. My parents having 3 properties(1 house 2 open plots) now they want to transfer these on my Name. I dont know the procedure to go either PARTITION OR GIFT Deed to be executed. Few Months back i enquired about for GIFT Deed execution but it costs around Rs.80000/-. I feel this, is very costlier to me. But Came to know later that Partition Deed also be executed with less STAMP DUTY. Now my question is 1. Which Deed is best and i want to get bank loan on this for UPGRADATION of Properties. 2. If it is Partition deed, how is it to be prepared in my case, If i want to sell off in future after registration what points to be taken care off against my buyers 3.If I execute Partition Deed for 95% of properties later can i execute Gift Deed or Thru Sale from my Parents(how can i get remaining 5% ). Actually they want total transfer of property on to my Name. Thank you KISHORE K
Asked 5 years ago in Property Law
Religion: Hindu
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12 Answers
Gift deed is best option
2) gift from father to son attracts nominal stamp duty
3) stamp duty is state subject and varies from state to state
4) you can get bank loan fir upgrading property
The registered settlement deed in your favor considering you as their son recited in the registered deed may cost you lesser stamp duty, enquire about it and proceed, if that's not feasible then you may better proceed as what you suggested.
Sir since the properties are self acquired by parents then GIFT deed is option to transfer it to you.
Sir partition deed not possible in this scenario.Gift deed is correct way to get the title clear of the property.
Sir since the properties are self acquired by parents then GIFT deed is option to transfer it to you.
Sir partition deed not possible in this scenario.Gift deed is correct way to get the title clear of the property.
1. Since you did not have any share from your brith in this property and the properties are their not ancestral property as well,: deed of partition is not the solution here.
2. So making a gift deed is best option.
3. However if you wish to avoid stamp duty then making a Will is better option provided their relatives may not come forward and challenge this Will given your adoption in mind, more so, when there is no such documentary evidence of your adoption.
4. i repeat partition in this case can not be executed.
1. If you are not prepared to pay stamp duty for execution of Gift Deed, then let your parents execute a WILL in your favour. After their demise, based on the contents of WILL, anyway you are going to become owner of the property. By this way, you needn't spend money towards stamp duty.
2. If the first option doesn't appeal to you, then let your parents execute a registered Gift Deed in your favour covering all the properties and on your acceptance, you are going to become owner of your parents' properties immediately, during your parents' lifetime itself. Please check the veracity of statement that the cost for execution of Gift Deed will be Rs.80,000/-. It may not be so. Get second opinion regarding the cost. Here in Karnataka, stamp duty for execution of Gift Deed in favour of son is around Rs. 5500/- only. I am not sure of the prevailing stamp duty in A.P for execution of Gift Deed.
3. Partition deed is not the solution in your case, as you are the only son to your parents and with whom you want to partition the property?. Don't go for partition deed and forget it.
1. Adoption can be done only through a registered adoption deed.
2. Regardless of the validity of adoption, your parents are free to transfer the properties to you. Partition deed can also be executed but in a partition deed the property is partitioned between the parties to the deed. Since your father wants to transfer his properties absolutely to you a gift deed should be executed.
3. Bank sanctions loan on the basis of the title of the property irrespective of whether the title came through partition or gift deed.
1) An adoption without valid paper work i.e an adoption which is not admissible under the Hindu Adoptions and Maintenance Act, 1956.
2) gift deed is only option for you which is best and cheapest way.
- As per the information mentioned in the present query, makes it clear that your parents want to transfer all the properties on your name.
- So, there is no question going for the partition deed, as it is the deed wherein you are claiming your portion and the subject property needs to be divided.
- In your case, Gift deed would be perfect one or relinquishment deed otherwise, but not the partition deed for sure.
- Either you go for gift or relinquishment deed, you will have to pay some amount for registration and paper work.
- And lastly, the amount for stamp duty and court fees are much more higher than the amount which you may be giving if the case would have been of partition deed.
Partition Deed is not a transfer document
The transfer has to be done through gift deed only
If you want to save on stamp duty on gift deed, then your parents can make a Will
But the Will operates only after their demise
Also you won't be able to avail loan till property is transferred in your name
Both serve the same purpose. Gift deed and partition deed and forms of transfer of property. In gift deed the property is gifted and transferred to you and in partition Deed existing property is partitioned.
3. Yes it can do that what you have mentioned in point no 3
Dear Sir,
There cannot be any partition of self acquired properties of your father. Your parents can legally execute gift deed and if you think of costs the whole partition deed may become void afterwards. It is nice to get gift deed and get a loan without any further issues.
