Dear Client,
Absolute ownership can be acquire by GIFT deed or release deed (registered). Sole ownership and cannot be revoked.
I might have to co register my flat with another person. If I get a gift deed from that person transferring the property in my name, in case of dispute, will the gift deed override the registered agreement to sale document and will i enjoy sole rights over the property ( against the co owned rights that I currently enjoy). What other ways can I gain ownership of this flat in case of dispute ?
Dear Client,
Absolute ownership can be acquire by GIFT deed or release deed (registered). Sole ownership and cannot be revoked.
1) If co owner mentioned sharing ratio and gift ratio in the flat. Than there will be not have any problem.
flat owner can execute gift deed in your favour
2) once gift deed is executed duly stamped and registered you would be absolute owner of property
See gift is also required to be registered and once a gift is made you will be absolute owner the said person shall have no share in the property then.
See in case he is co-owner he can relinquish or has to make a sale or registered gift Deed.
Thanks....how much does it cost to register and stamp a gift deed and where? Is it the same like registering a property at the Sub registrar office? Do you need presence of the other person for this process to be completed?
A properly executed gift deed transfers from the owner, all the rights and obligations relating to a property, to the receiver who becomes the absolute owner of the property.
stamp duty varies . it is around 3 per cent in case gift deed is executed by close relative in your favor
registration is to be done at sub regsitrar office
Gift has to be registered before the sub-registrar office the stamp duty has to be paid. Yes it is same and presence is required.
1. if you are paying consideration to the co-owner then take a release deed from him
2. if no consideration would be paid then you can take a gift deed
3. the stamp duty is 3% on the market value of the half share held by the co owner
4. registration fee will be 1% of the market value of half share
5. other expenses will be lawyer's professional fee for drafting gift or release deed and clerkage of the registration clerk
6. if the co-owner is a specified relative then you can take a gift deed for which concessional stamp duty is payable i.e. Rs. 200/- in case of residential and agricultural property, provided there is no change in the duty rates wef 1.1.19
1) The process will happen in sub-registrar office like real estate sale deed registration. The gift deed stanp duty will be 3% of property value.
It will register at same sub registrar office and both persons presence will require or through POA. 3% stamp duty of market value.
If you apprehend problems by co-registering the proeprty as a joint owner, then why do you want to go for such an arrangement.
However, if the co-owner transfers his share of property by executing a registered gift deed to your name, then he cannot cancel the deed unilaterally, he may have to approach court for revocation based on the relevant reasons he may rely upon.
The applicable stamp duty and the registration charges may be enquired form the local sub-registrar's office.
For execution of the registered document before the sub-registrar, both the parties are to be present.
If you are right now co registering the property, then the other person might later give you his share by gift deed or also he can make relinquishment deed and may relinquish the portion in your favor.
Regards
Yes it is the same like registering a property.
A gift deed will have to be executed.
exact duty can be told to you by a local advocate.
Regards
1. The gift deed will result in transfer of his share to you, and thereafter the donor will cease to have any right, title or interest in the property. In a nutshell, you will then become the absolute owner of the property.
2. The registration charges and stamp duty in every state is different, so for this you need to contact a local lawyer.
3. Both donor and donee need to be present for the registration of gift deed.