We have an immovable ancestral property in Jaipur (Rajasthan). I am one of the co-owner of this property living in Delhi. Other co-owners of this property living in Ranchi (Jharkhand). May the other co-owner of the property living in Ranchi transfer their share to me by (a) Sale Deed by paying a consideration or (b) Gift Deed? Which is the safest way of transfer for me (a) Sale Deed or (b) Gift Deed? I want to register the Sale/Gift deed in Jaipur, but, other co-owners do not want to go at Jaipur, then how I registered the Sale/Gift deed in Jaipur? The Property is more than 150 years old. The Co-owners in Ranchi have only evidence regarding co-ownership, that their GRAND FATER nane is duly recorded in Municipal Corporation Register and House Tax Paid Receipt. Is it a proper proof for their co-ownership. May co-owners living in Ranchi are legally entitled to transfer their share by gift? If they transfer their share by a RELINQUISHMENT DEED, than may it chalenged by the co-owers it self or any other person? Please reply in detail. Thanks & Regard
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1) sale deed is better option as full consideration is being paid by you
2) it has to be registered in Jaipur where property is situated
3) if no consideration is changing hands then gift deed can be executed
4) after grand parents demise property has to be first mutated in name of legal heirs then only sale deed or gift deed has t be executed
5) relinquishment deed operates in favour of all legal heirs
1. In case of sale deed there has to be sale consideration in the form of money from buyer to seller whereas in case of gift deed the only consideration is love and affection. Both Sale deed and gift deed have to be stamped in accordance with stamp duty act in existence in the state.
2. If the property is in Jaipur the sale deed/gift deed has to be registered in Jaipur. Both documents require mandatory registration. If the co-owner is unable to come to Jaipur then he may execute a GPA in your favour to authorise the person concerned/you to execute the deed for and on his behalf.
3. Relinquishment deed also has to be executed where the property is situated.
the gift deed can be registered anywhere. It is not necessary that it be registered in jharkhand. A gift deed is good if the co owner is your brother or blood relative as no tax would be levied on you.
Sale deed is best as everything is registered and there is a clear title.
Regards
The transfer of their share by the co-owners in favor of other owner can be done by a registered gift deed or sale deed, the stamp duty involved for both types of transfer is almost the same.
The execution of the registered deed shall be made in the location where the property situated, i.e., before the concerned SRO only.
If some parties are not able to travel to the place of the property location, then they can execute a registered POA deed in favor of their close relative who will execute the said deed on their behalf.
The proof of their ownership what you have mentioned is not sufficient,, they should possess the legal heirship certificate or any other proofs that they are the descendants and successors in interest to succeed this property.
First of all ascertain their entitlement in the property by valid documentary evidences, if they fail to produce the valid documentary evidence then they may not be able to transfer their share in the property to the prospective transferee
As this is a ancestral property and it will be good to get the sale deed executed in this regard by the honour of this property and the same sale deed should be signed by any of his legal Heirs so that in future they should not raise any question on the transfer after property because Aandhi property of ancestral nature the legal Heirs build automatically have their own rights built up and in case the property is transferred without their consent then they can raise question and contest the transfer the property it will be good for you to get this property transfer through a sale deed because gift it may not work properly in your case this will also provide you the safest way to get this Transfer of Property so somehow you have to bring him to Jaipur to get the registration done it is only a day process where he has to sign on the documents and in case of any legal hair involve he must come and sign the sale deed along with this father.
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1. If consideration is paid sale deed for there share should be made.
2 they can register POA in ranchi and using same sale deed in Jaipur can be registered by there agent.
3. Yes since there name is mutated in the records and they are legal heirs they have claim.
If you are making payment than sale deed but it`s jointly owned property so release deed will execute with/out consideration.
They can give POA to any one who is in Jaipur or can come to Jaipur to execute deed on their behalf.
Sale deed is must, Copy of it may be available in municipal office. Personal file inspection have to do for it.
May co-owners living in Ranchi are legally entitled to transfer their share by gift? -- This can be advise on under what capacity they have inherited or really have co ownership in property . Class I heirs etc.
RELINQUISHMENT DEED cannot be revoked.
A gift deed is a deed in which the consideration is not monetary, but is made in return for love and affection. It is a document which transfers property to another as a gift. By a release deed a person renounce a claim upon another person or against any specified property.
In my opinion execute sale deed.
he can execute a registered POA deed in favour of any relative.
Consent of all coparcener shall be required.
Transfer of one's share to other can be made by any testamentary disposition that is by gift deed, relinquishing deed settlement deed.
Sale deed can be done but it will attract more stamp duty which will not give any extra benefit.
The best way for purchasing his share is making a settlement deed by that co-owner in your favour.
It cannot be challenged if it is duly stamped and registered with sub registrar in Jaipur.
It can be challenged but court will only entertain suits with merits only
