Gift deed
KARANAM PRAHALAD
(Querist) 28 August 2013
This query is : Resolved
my father expired on 10/04/2006 he owns a house property which is acquired by him.He died without writing any will, The house property is a self acquired property of my father. we are three sons and one daughter for my father.MY mother and ourself 4 (3male and 1 female)children are the legal heirs of the property.my fathers last wish is to give away his self acquired property to his second son, and for that reason we all other legal heirs dont have any objection. we want to transfer the property in the name of my brother according to my fathers last wish by executing gift deed in favour of my brother.
my question is what is the format of the gift deed and ,is the gift deed should get registered in the register office or not.what is the cheapest method of transfering the property (house) in favour of my brother.whether notary is enough for the gift deed document.by submitting gift deed document( with notary) and declaration by all of us(other legal heirs ) in the muncipal office can the property be changed in to the name of my brother (one of the legal heir). at present we are paying muncipal taxes inthe name of our deceased father itself.
Anirudh
(Expert) 29 August 2013
Dear Mr. Prahalad,
There is no need for any GIFT DEED.
However, the rest of the three of you i.e. two brothers and one sister, have to give a REGISTERED RELINQUISHMENT DEED in favour of your brother. Through the relinquishment deed, all the three of you would be relinquishing your right, title, interest, share in the property in question in favour of your brother.
The said Relinquishment Deed is to be properly drafted and got typed on Stamp Paper and then compulsorily registered with the sub-registrar's office. The stamp paper amount will be very very less compared to GIFT Deed. Please check up with the sub-registrar's office. They will guide you. Please take the help of a local lawyer for this purpose.
Rajendra K Goyal
(Expert) 29 August 2013
Well advised by the expert Anirudh ji, nothing more to add.
ajay sethi
(Expert) 29 August 2013
relinquishment deed attracts nominal stamp duty if in favour of relative . gift deed generally attracts 2%^stamp duty depending upon market value of property . agree with anirudh go in for relinquishment deed
Raj Kumar Makkad
(Expert) 29 August 2013
Well advised by experts so no more to add.
