• Gift deed

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 ?
Asked 5 years ago in Property Law
Religion: Hindu

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17 Answers

Dear Client,

Absolute ownership can be acquire by GIFT deed or release deed (registered). Sole ownership and cannot be revoked.

Yogendra Singh Rajawat
Advocate, Jaipur
22596 Answers
31 Consultations

4.4 on 5.0

1) If co owner mentioned sharing ratio and gift ratio in the flat. Than there will be not have any problem. 

Ganesh Kadam
Advocate, Pune
12910 Answers
253 Consultations

4.9 on 5.0

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 

Ajay Sethi
Advocate, Mumbai
94522 Answers
7485 Consultations

5.0 on 5.0

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.

Shubham Jhajharia
Advocate, Ahmedabad
25514 Answers
179 Consultations

5.0 on 5.0

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. 

Mohammed Mujeeb
Advocate, Hyderabad
19299 Answers
32 Consultations

4.7 on 5.0

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 

Ajay Sethi
Advocate, Mumbai
94522 Answers
7485 Consultations

5.0 on 5.0

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.

Shubham Jhajharia
Advocate, Ahmedabad
25514 Answers
179 Consultations

5.0 on 5.0

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

Yusuf Rampurawala
Advocate, Mumbai
7483 Answers
79 Consultations

5.0 on 5.0

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.

Ganesh Kadam
Advocate, Pune
12910 Answers
253 Consultations

4.9 on 5.0

It will register at same sub registrar office and both persons presence will require or through POA. 3% stamp duty of market value.

Yogendra Singh Rajawat
Advocate, Jaipur
22596 Answers
31 Consultations

4.4 on 5.0

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.

 

T Kalaiselvan
Advocate, Vellore
84711 Answers
2172 Consultations

5.0 on 5.0

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.

T Kalaiselvan
Advocate, Vellore
84711 Answers
2172 Consultations

5.0 on 5.0

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  

Anilesh Tewari
Advocate, New Delhi
18077 Answers
377 Consultations

5.0 on 5.0

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 

Anilesh Tewari
Advocate, New Delhi
18077 Answers
377 Consultations

5.0 on 5.0

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.

Ashish Davessar
Advocate, Jaipur
30763 Answers
972 Consultations

5.0 on 5.0

you can execute registered gift deed or relinquishment deed from that person.

Prashant Nayak
Advocate, Mumbai
31807 Answers
175 Consultations

4.1 on 5.0

This is my response to you:

1. You can execute a Gift Deed;

2. Instead of Gift Deed go for release deed;

3. Since you co-own the property;

4. The release deed will cost you less in both stamp duty and registration;

5. Consult a local lawyer and take steps.

Gowaal Padavi
Advocate, Mumbai
1920 Answers
5 Consultations

5.0 on 5.0

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