1. Gift deed is better option.
2. If ancestral property is also transferred in your name then your sisters need to execute further gift deed or deed of release relinquishing their share in your name .
Legal advice - property ownership transfer !!
In my family, Father, Mother, son (me) and two sisters (married and they got their share from my father. they have no objections on remaining property transfer) My father has some self earned and ancestral properties on his name. Now, he wants to transfer these properties to my name. i.e. ownership/title transfer to my name. What is the best legal option to transfer the property ? will or gift deed or any other? Please advice. Thanks, Kumar.
Asked 10 years ago in Family Law
Religion: Hindu
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8 Answers
1) will dosent attract any stamp duty . father can execute will in your favour bequeathing property to you .
2)if you want transfer of property now then gift deed would be a better option . it attracts 2%stamp duty on market value of property as per ready reckoner rates if made in favour of family member
3) for ancestral property your sisters can execute relinquishment deed in your favour
Thank you Ajay ji and Devajyoti ji !!
Asked 10 years ago
The ancestral property also in my father name. Here also do we need relinquishment deed from my sisters? Thanks, Kumar.
Asked 10 years ago
thanks for your appreciation . please clarify on what basis you say it is ancestral property of your father
You are welcome.
Yes, in ancestral properties you need deed of relinquishment.
RRepeated query
Dear Ajay ji, The property was my grandfather property after his death my father transferred the patta and passbook on his name. So I called it as ancestral property. Is my understanding wrong? Thanks, kumar.
Asked 10 years ago
1. Was that property self acquired by your grandfather? If yes & if your father was the only legal heir of the propety, then your father is the sole rightful owner of it,
2. Your father can execute an will or register a gift deed in your favour wherein your two sisters can be made as witnesses,
3. In case of will you shall own the property after his demise where as in case of Gift Deed you shall acquire it immediately on the Deed been registered.
1) it is not ancestral property of your father . hence in my reply to your query i specifically requested you to clarify on what basis you said it is ancestral .
2) if it was self acquired property of your grand father and on his death h your father inherited it then it would not be regarded as ancestral property .
3) father can make a will bequeathing property to you or execute gift deed as advised earlier
Thanks Ajay ji and Krishna ji . Then a gift deed works for me. Thanks, Kumar.
Asked 10 years ago
thanks for your appreciation