Firstly Advance thanks to whoever is answering my query. My father has two brothers (Lets say A and B). We were a joint family previously. They separated in 1996. During which one house in Bangalore was allocated (Not registered) to my father.The house is currently joint property of wife of A and wife of B (wives of my father`s Brothers) But now to avoid any future complications, we are planning to get the house registered in my name. What is the best way to move forward. Can the house be registered in my name by the way of gift deed? If yes, can the gift deed be revoked in future? Will there be any tax implications?
1)has any deed of family settlement been entered into among the brothers
2)if no deed of partition or family settlement entered into your father would not be owner of the house
3) both wives of A and B should execute gift deed in your name so that you become absolute owner of the house
4)gift deed should be stamped and regd
5)the donor cannot unilaterally revoke the gift deed
6) donor will have to move court to set aside gift deed
Has a partition deed been executed? If the answer is no then a gift deed by A and B can be executed in favour of your father. The title to your father will pass the moment the deed is registered. A gift is complete as soon as the gift deed is executed and it cannot be revoked in future except if it is a conditional gift deed. The stamp duty and registration charges will have to be paid.
1. Yes gift deed is best way to do so. It attracts lesser stamp duty since it is made between the family members.
2. in the gift deed do make all the parties concerned like A,B and their wives to remove any possible dispute.
3. Gift deed once done can not be revoked later.
4. For Tax and stamp duty check with local registration office.
Currently the house property is in joint names of Wife's of A & B respectively, if A is your mother then she can gift her share in your favour through a Gift Deed. However Wife B will be your father brothers wife, your aunty, therefore she cannot gift her share in your favour.
she will have to gift the property to her husband, he inturn will have to gift it to his brother, your father and in turn your father will have to gift it to you.
Your best option would be to register a family partition deed amongst both wife's of A & B, in your favour, this must be registered in order to effectively get the Katha to the property transferred into your name. Partition Deed amongst family members is less expensive as it is amongst family members only.
Getting a registered gift deed in your name is the best option. Once gift deed is done, get the properties mutuated in your name in municipal, electricity and water department. The gift deed cannot be revoked thereafter. For gifts received from blood relatives, there are no tax (income and wealth tax) implications.
1. In whose name the title of the house stands?
2. Was the flat allocated in the name of your father by the Bangalore development authority? If yes, then get the said sale deed registered in the name of your father,
3. For getting the property registered as gift in your name the donor should have its title registered in his name,
4. So, first ensure that the property is first registered in the name of the donor after which get the Gift Deed executed by him registered in your favour,
5. Gift Deed once registered can not be either cancelled or revoked by the Doner,
6. You might have to pay the Gift Tax depending on the value of the property.
They separated in 1996. During which one house in Bangalore was allocated (Not registered) to my father.The house is currently joint property of wife of A and wife of B (wives of my father`s Brothers)
But now to avoid any future complications, we are planning to get the house registered in my name.
What is the best way to move forward.
If your father was allocated this house property by an oral partition no doubt he will be absolute owner of the property, however while he is making a settlement or gift deed in your favor, let other also sign the said registered document so that there cannot be a claim in the later stage or in future by others.
Can the house be registered in my name by the way of gift deed?
Yes, if the other sharers do not create any problem over this.
If yes, can the gift deed be revoked in future?
Once it is executed and duly registered, it cannot be revoked until by a court order.
