We are three brothers. Holding Three flats in Mumbai in joint name/s along with mother. Few years back my elder brother passed away and we want our Sister in law ( widow of my elder bother) to stay close to our family. Hence we would like to mutually allocate properties within families by signing deed of family settlement . I would like to know. 1) how much stamp duly will become payable on deed of family settlement. 2) can share certificates/property be transferred on the basis of Deed of settlement
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1. Sister in law (SIL) is by legal default entitled to ALL the properties that belong to her husband.
2. Just simply execute a Stamp Duty (500/-) paid Registered (200/-) "RELEASE DEED", in favor of SIL. This Deed would be legally sufficient for all futuristic legal purposes such as Sale /Transfer /Gift /Donate /Mortgage /whatever....
stamp duty would depend upon market value of property
2) on basis of deed of settlement property can be transferred
PLEASE CLARIFY -
WHETHER THE 3 FLATS ARE HELD IN JOINT NAMES OF ALL 3 BROTHERS WITH MOTHER
OR
WHETHER THE 3 FLATS ARE HELD JOINTLY BETWEEN EACH BROTHER AND MOTHER I.E. IN ALL THE 3 FLATS , THE MOTHER IS THE COMMON JOINT OWNER AND THE 3 BROTHERS EACH HAVE 50% SHARE IN THEIR RESPECTIVE FLATS
1. Stamp duty shall be applicable as per the value of the properties.
2. Yes it can be transferred on registered deed.
1. The stamp duty will depend on ready reckoner rate of property.
2. Yes it can be transfered if registered
Settlement will cost you 3% stamp duty.
Share certificate of property can be trasfer on the basis of settlement deed. Better execute gift deed, nominal registration charges.
Dear Sir,
A family settlement is essentially an agreement where family members mutually work out how a property should get distributed among themselves. All the parties should be related to each other and have a claim to a share of the disputed property.
the stamp duty payable on registration of partition deed is 0.5% of the market value of the separated share or shares of the property. For Rs. 1000 or part thereof in excess of Rs. 1000. Above Rs. 5000 is Rs. 11 for Rs. 1000 or part thereof in excess of Rs. 5000.
1. The duty differs from state to state and hence the same can be confirmed to you by a local advocate.
2. Yes. Along with the deed of settlement, you will also require the NOC from the legal heirs.
Regards
in case you are not filing any partition deed as the property owned by your father and it will be distributed among all the legal hair there are three flats that will be distributed among all of you you can decide property and get your settlement deed registered with the registrar provide the copy of your settlement to Nagar nigam to transfer the properties in respective names this will avoid stamp duty to be paid according to the value of the property in case of any partition deed is filed
The total charge will depend upon IGR value. Stamp duty will be 0.5 % of the total IGR value and registration charges may vary but cannot exceed 1 % of IGR.
The stamp duty depends on the price of property you want to transfer on name of your sister in law. It is around 3% of the property value.
Yes share certificate can be transferred on the basis of settlement deed.
This is my response to you:
1. Stamp duty would depend upon market value of property as per circle rate or ready reckoner rate which you can obtain from nearest sub-registrar office which should be 2% or the current rate;
2. Registration charges are separate maximum of Rs.30,000;
3. Total charges only local lawyer can guide you;
4. Consult a local lawyer and take steps.
In Maharashtra there may not be stamp duty payable except Rs. 500/- towards the transfer of immovable property within the blood relations. You can enquire about it while executing the registered family settlement deed.
Yes, the share certificates can be transferred on individual owner's name the basis of the registered settlement deed.
