you would have equal share in flat if no share is mentioned in sale deed
2) you can execute gift deed to transfer your share in flat . it should be duly stamped and registered
Hi All, I have a flat in Pune. Me and my fathers name is mentioned in the Sale Deed. I am not sure how much share my father has. How to check that? Also If I want to transfer the property to my fathers name, how to do that?
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you would have equal share in flat if no share is mentioned in sale deed
2) you can execute gift deed to transfer your share in flat . it should be duly stamped and registered
Thanks Ajay for quick response. Do I need to be physically present in India to do the Gift Deed? I bought the flat in 2014 for 65 lacs. While on sale deed official figures are different. It has the govt market price mentioned 33 lacs and the amount paid to the builder 55 lacs. I wanted to know for tax purpose what would be the value of my share in the flat today?
if you are not able to remain present execute POA in favour of family member to execute gift deed
2) kindly clarify how you paid Rs 55 lakhs to builder .
3) sale deed mention Rs 33 lakhs . was balance paid by cash
1. Execute a Gift Deed in favour of your father and get it registered in the jurisdictional Sub Registrar's Office.
2. In case you can't be physically not able to attend the registration process of execution of gift deed in your father's favour, you can authorise someone through Power of Attorney, preferably one of your siblings or your mother or father himself to act on your behalf in the jurisdictional Sub Registrar's Office.
3. Unless specifically indicated percentage of share in the sale deed of the flat you and your father jointly bought, it has to be considered as 50% share to you and 50% share to your father.
If the property was purchased on joint names without any specification about each person's share in the jointly owned property the both are deemed to own 50% of property each.
If you would like to transfer your share in the property in your father's name then you can execute a registered gift deed in respect of your share in the property in his favor after which he will become an absolute owner of the entire property.
If you are not able to come to India for the purpose of this transfer, you can give a GPA in favor of any close relative in India to carry out the task on your behalf.
By transferring this share in the property to your father by a gift deed, you are not liable to pay any tax because the gift deed is executed without the receipt of any consideration amount.
Who has paid to purchase the property ? Share will in % of the contribution or 50 50. By way of registered gift to transfer the property in fathers name.
You are sole owner. You can give POA to any of your close one to execute gift deed
Dear client,
To determine your father's share in the property, you would need to review the Sale Deed and any other related documents such as the Agreement of Sale or the Partition Deed. These documents may mention the specific share of ownership for each person named on the property.
If you are unable to locate any relevant documents or the documents do not specify the share of ownership, you may need to seek legal assistance to determine the ownership share of each party.
If you wish to transfer the property to your father's name, you can do so by executing a gift deed or a relinquishment deed. A gift deed is executed when you wish to transfer the property to your father without any monetary consideration, while a relinquishment deed is executed when you relinquish your rights to the property in favor of your father.
Both types of deeds must be executed on appropriate stamp paper and registered with the Sub-Registrar of Assurances in your jurisdiction. It is recommended that you consult with a lawyer to ensure that the deed is executed correctly and that all legal formalities are completed.
If there is no share mentioned it’s always half divided. You can execute registered relinquishment deed or gift deed to transfer your share