Sub : legal advice for transfer of property in blood relation
SUB : LEGAL ADVICE FOR TRANSFER OF PROPERTY IN BLOOD RELATION
I would like to know how I can Register my parent’s property(‘Self-Acquired’) in my name without leaving any scope for it being challenged and with minimum Registration Fees / Stamp Duty.
Is the “Relinquishment Deed” the right option in my case please advise, the details of my family are as follows:-
My Father and Mother has property in their name and both of them ALIVE.
1 200 sq.yds. Commercial Building in south delhi (category B) market constructed Ground Floor and Mezzanine Floor along with shed on Terrace.
2. My Father owns a Residential Apartment (Entire Floor) in same colony.
Commercial property in Question for Transfer
My Father owns a portion of Commercial property about 50% of Ground Floor and Entire 200 sq.yds Mezzanine Floor in his name with 3 Registered Sale deed from last 20 years back for 1 lakh to 2.5 lakhs.
My Mother owns a small shop at front corner (180 sq.feet.) one Sale deed (10 lakhs) 8-9 years back and Entire First Floor Terrace and Above Rights upto limit of sky in the 200 sq.yds. commercial building second Sale Deed for Rs.1 lakh 20 years back
Ground floor some portions with Other Owners not to be consider
Four Daughters and one Son (myself)
Four Sisters Married each having 2 and 3 Children and well settled
I myself have 2 daughters and one son
Sir I want to Transfer all the portions which my father and mother have in their name in Commercial Building which they are willing to transfer in my name . So please guide me which is the best option Will/GIFT DEED OR RELINQUISHMENT DEED with minimum charges for Registration in my name.
As far as I have checked is that if I get it Registered through Gift Deed and according to Circle Rates of Category B colony of south delhi commercial building, ratable value will be calculated 5 crores so @7% approx..Rs.35 lakh and service tax total will be 36 lakhs this is very huge amount because there will be no money transaction between us it is only Title of the property we want to change so please suggest me the right option.
------For Relinquishment Deed we can have NOC from all my four sister’s that they have no objection in transferring the property in my name.(Please provide the Performa for NOC for this purpose)
I know that the Relinquish Deed will be effective only after Death but can I get it right now and for not to be revoke or challenged how can I get it Registered with lowest charges so that we can apply it later in future.
--------Through the Gift Deed or Will there is no money transaction between us and also the property transfer is between Father to Son and Mother to Son within Blood Relation so why we have to pay so much Stamp Duty according to the Circle Rates.
Is there any other way we can reduce Registration Charges for Transfer the Property.
Sir please advise me wisely which is Legally Right and Financially appropriate option.