1.My father died without a will and the flat is now owned by my mother and 5 siblings. I understand that one third of the share goes to my mother and the remaining two thirds is shared between the 5 siblings.My mother is now old and cannot comprehend. 1.I have mutually agreed to pay off my siblings for a mutually agreed sum. 2. On my mothers death, my siblings agree to transfer their rights of my mothers share to me based on the mutually agreed settlement in point No.1 Can they gift their shares of the above to me? What other options to I have? What is the requirements to carry out this agreement so that there is no confusion or dispute at a later date. What is the procedure as per the indian law. What would it cost me to get all this done
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1. Your siblings are at liberty to execute a gift deed in your favour.
2. The only alternative for you is to file a suit for partition to cull out your share in the property.
3. Get the gift deed drafted by a lawyer so that it results is a flawless transfer of title.
4. The cost will be the fee of your lawyer and the registration charges,
you should enter into sale deed with your siblings wherein you purchase your siblings 2/3rd share in proeprty
2)when you are paying your siblings it is better make payment by cheque
3) gift deed is not advisable . stamp duty on gift deed would be 2%of value of the siblings shares
4)stamp duty on sale deed would depend upon market value of property as per ready reckoner rates
5) registration charges are around Rs 30,000
1. In the proeprty your mother and all 5 siblings have undivided equal 1/6th share and hence you mother has no 1/3d share considering that the flat was owned by your father in his sole name.
2. So any of you including yourself can buy other;s share on execution of gift deed.
3. Such transfer would be effective from the present day and would be dependent on any future events.
Can they gift their shares of the above to me?
Instead of executing a gift deed, your siblings can jointly execute a registered release deed in your favor relinquishing their rights in the property being transferred to or name. In this registered release deed you may make a mention about the amount being settled to them individually in return as compensation to their relinquished share in the property.
The gift deed cannot be made for consideration.
What other options to I have?
The other options are registered gift deed or family arrangement deed or sale deed.
What is the requirements to carry out this agreement so that there is no confusion or dispute at a later date.
Everyone have to jointly execute the proposed document whichever has been mutually agreed upon by all.
What is the procedure as per the indian law.
After having decided on mutually agreed terms, catch hold of a document write who will able to draft a document/deed as per your desire and get it registered
What would it cost me to get all this done
The cost for the whole process wold depend on the local circumstance which cannot be predicted.
Stamp duty is a state subject and differs from one state o another across the length and breadth of the country.
