Hello, My dad and I own a villa jointly. It is registered in both our names. My father wants me to have owner ship of villa completely. What would be the best option to accomplish this? Would he do the quit claim on the property? or gift deed? or some other option? I am interested in knowing the best option to accomplish this? As well as pros and cons of each method. Thank you, Ramana
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1) your father can execute gift deed or relinquishment deed for his 50 per cent share in property in your favour
2) gift deed or relinquishment deed from father to son attracts nominal stamp duty in many states in Inida
3) it should be duly stamped and regsitered
The best option is to register a settlement deed in favour of you with regard to your fathers share in the property. Your father can also register gift deed infavour of you.
He can execute a registered gift deed in your favour to transfer his share to you, thereby making you the absolute owner of the property. A gift deed results in instantaneous transfer of title. After the execution of gift deed he will cease to have the title to the property.
1. The gift deed is best option.
2. The gift deed attract the least amount of stamp duty and registration fees.
3. There is no demerits in making you the sole owner except with doing so your father dis-entitles himself in the title of the proeprty in all respect.
Your father can:
1. Execute a settlement deed in respect of his share in the property in your favor by a registered document, this will involve less cost;
2. Can execute a registered gift deed of the same;
3. Can execute a registered sale deed by paying necessary stamp duties
All these can be done immediately, alternately he can transfer his share by a testamentary disposition also but that will take effect only at a later stage.
1. He can execute and register a gift Deed in your favour conveying his 50% share of the property in your name.
2. He can also register relinquishment/settlement deed in your favour but gift deed id found to be straight approach to transfer his said share in your favour.
