• Transfer of jointly owned flat via gift deed

Dear Sir..case is :

A,B,C bought a flat in Mira Road,Thane,Mumbai in 2010 with equal share.

Sale agreement was registered in All three names with A's name appearing first.

A and B are real brothers.

Wives of All three are Real Sisters.

In 2013 A started staying in the flat along with his family after paying off the remaining partners in CASH according to the market value in good faith.

Now, A wants to transfer the flat fully in his name or in a joint ownership with his wife.

Is it possible : 
That B transfer his rights to A via a gift deed ? 
                                    AND
C transfers his rights to his wife first who later on transfers the just acquired rights to her sister (A's wife ) ??

Will this whole exercise attract any stamp duty or taxes on any party  ???

Please guide.....
Asked 1 year ago in Property Law from Mumbai, Maharashtra
Religion: Muslim
1) B can transfer his share n flat to A 

2) C can execute gift deed in favour of his wife 

3) stamp duty and registration charges are payable on the gift deed 

4) it is better registeted gift deed in excuted 

5) among Muslims hibanama or gift need not be registeted 

6) but banks are reluctant to sanction loan on un regd documents 
Ajay Sethi
Advocate, Mumbai
26108 Answers
1419 Consultations
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the Maharashtra Stamp (Amendment) Act, 2015, which came into effect from 24 April 2015, it has been provided that if residential and agricultural property is gifted to a husband, wife, son, daughter, grandson, grand-daughter or wife of deceased son, duty chargeable shall be Rs.200 only.

2) for gift to brothers it would attract stamp duty of 2 per cant of market value of flat as per ready reckoner rates
Ajay Sethi
Advocate, Mumbai
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1419 Consultations
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Both the arrangements are legally permissible. Stamp duty will not be attracted to this if it is Maharashtra. However, stamp duty will be attracted when C transfers his share to his wife. 
Ashish Davessar
Advocate, Jaipur
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484 Consultations
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Hi, as the transaction between the family members so it is better B and C can execute gift deed in favor of A.
Pradeep Bharathipura
Advocate, Bangalore
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149 Consultations
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B can transfer his share of property in favor of A by executing a registered gift deed, this will not attract stamp duty.  The transfer of C's share to his wife vide a registered gift deed will also not attract stamp duty.
Now C's wife can also transfer this share to her sister which will not attract the stamp duty as per latest ruling in Maharashtra and thus A's wife shall become the joint owner of the property in respect of her share alone along with her husband A. 
T Kalaiselvan
Advocate, Vellore
16494 Answers
153 Consultations
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