• 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 2 years ago in Family Law from Hyderabad, Andhra Pradesh
Religion: Hindu
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 .
Devajyoti Barman
Advocate, Kolkata
5244 Answers
54 Consultations
4.9 on 5.0
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
Ajay Sethi
Advocate, Mumbai
23337 Answers
1220 Consultations
5.0 on 5.0
thanks for your appreciation . please clarify on what basis you say it is ancestral property of your father
Ajay Sethi
Advocate, Mumbai
23337 Answers
1220 Consultations
5.0 on 5.0
You are welcome.
Yes, in ancestral properties you need deed of relinquishment.
Devajyoti Barman
Advocate, Kolkata
5244 Answers
54 Consultations
4.9 on 5.0
RRepeated query
Nadeem Qureshi
Advocate, New Delhi
3537 Answers
130 Consultations
4.9 on 5.0
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.
Krishna Kishore Ganguly
Advocate, Kolkata
12131 Answers
233 Consultations
5.0 on 5.0
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
Ajay Sethi
Advocate, Mumbai
23337 Answers
1220 Consultations
5.0 on 5.0
thanks for your appreciation
Ajay Sethi
Advocate, Mumbai
23337 Answers
1220 Consultations
5.0 on 5.0

Ask a Lawyer

Get legal answers from top-rated lawyers in 1 hour. It's quick, easy, and anonymous!
Ask a Lawyer

Family Lawyers

T Kalaiselvan
Advocate, Vellore
14138 Answers
127 Consultations
5.0 on 5.0
Ajay Sethi
Advocate, Mumbai
23337 Answers
1220 Consultations
5.0 on 5.0
Ashish Davessar
Advocate, Jaipur
18183 Answers
449 Consultations
5.0 on 5.0
Krishna Kishore Ganguly
Advocate, Kolkata
12131 Answers
233 Consultations
5.0 on 5.0
Devajyoti Barman
Advocate, Kolkata
5244 Answers
54 Consultations
4.9 on 5.0
Nadeem Qureshi
Advocate, New Delhi
3537 Answers
130 Consultations
4.9 on 5.0
Atulay Nehra
Advocate, Noida
442 Answers
15 Consultations
4.7 on 5.0
Rajgopalan Sripathi
Advocate, Hyderabad
873 Answers
43 Consultations
5.0 on 5.0
Shivendra Pratap Singh
Advocate, Lucknow
2768 Answers
41 Consultations
4.9 on 5.0
Ajay N S
Advocate, Ernakulam
1916 Answers
19 Consultations
5.0 on 5.0