Land in mumbai purchased by mother in 1974 which is duly registered doc. In 1982 there was family settlement deed was made stating certain amount paid towards 50% and remaiing will be paid immediately. This deed was not registered. In 1976 only son and mother becomeco member in society.Thereafter in 1996 mother and son enter into confirmation deed which was Aldo not registered. Son construct banglow. Now today in society son is only member and hold all shares in his name. Secondly on property card son n mother are co owner. In income tax son is the owner. In index 2 mother is only owner. Now what should HV to be done so son can be absolute only owner of land and banglow as on date as per law.
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1) un regsitered document is in admissible in evidence
2) land is purchased in mother name and son date she is reflected as owner
3) mother can execute gift deed in favour of her son for the land and bungalow
4) gift deed attracts nominal stamp duty of Rs 200 in Maharashtra if executed by mother in favour of her son
The mother can execute a deed of gift or deed of release in favour of the son so he becomes the absolute owner of all the properties by transferring her half share in all the properties.
Another option is to make a Will which would take effect on the death of the mother making her son to become sole owner of all properties.
Is that land in vileparle is around 890sqft n bnaglow built over that. Is this banglow cums under recidential n attracts only 200/- stamp duty? Cause we are getting opinion that banglow not cum under residential n not exampted so we have to pay 2% as applicable.
As per your query the property purchased in the name of mother so she is the absolute owner of the property. Un registered agreements has no validity at all. Now today in society son is only member and hold all shares in his name. So better to execute a gift deed / relinquishment deed in favour of the son is the only option to get absolute ownership of the property in son’s name.
In Article 34, in column 2, after the existing proviso, the following proviso shall be added, namely:-
[Provided further that, if the residential and agricultural property is gifted to husband, wife, son, daughter, grandson, grand-daughter, wife of deceased son, the amount of duty chargeable shall be rupees two hundred.]
2) if the bungalow is assessed to tax as residential and used for residential purposes only then it should be eligible for concessional rate of duty of Rs 200
1. The title to the property flows from the sale deed and not a revenue document. So if the son wants to be the absolute owner then his mother has to execute a gift deed or release deed in his favour which requires a mandatory registration.
2. The bungalow cannot be residential if the land is commercial in nature.
If the family settlement deed wa a registered document, then the beneficiaries are the joint owners of the property.
The membership name in the society nor the name appearing in the revenue department alone cannot confer the title to the property.
If the son wants to become an absolute owner of the property, he may arrange for an amicable settlement with others by paying the due amount which remains unpaid till date accordingly and get the property restered on his name by getting a registered release deed executed in his favor by the other co sharers relinquishing their rights in the property.
Is that land in vileparle is around 890sqft n bnaglow built over that. Is this banglow cums under recidential n attracts only 200/- stamp duty? Cause we are getting opinion that banglow not cum under residential n not exampted so we have to pay 2% as applicable.
First get the land on which the bungalow has been constructed transferred to his name by a registered document and afterwards the bungalor which has been constructed by him shall be entered into the revenue records accordingly.