Transfer of ownership of property
Rajesh
(Querist) 24 October 2013
This query is : Resolved
Hi,
My father-in-law passed away last year without leaving a will. He owns a flat in Mumbai. He has submitted a 100% share nomination in favour of my wife with the society, but there is no will. I would like to buy the stake of my brother-in-law and mother-in-law, followed by transfering the property ownership in my wifes's name. What is the procedure to do that and is there a transfer fee/stamp duty/ registration fee payable to the government? If yes, how is this amount calculated?
Devajyoti Barman
(Expert) 24 October 2013
Your in laws can relinquish their share in favour of your wife by way of Release Deed.
Another option is gift deed.
Stamp duty for gift is nominal.
For calculation and other information engage an advocate.
ajay sethi
(Expert) 24 October 2013
since your father in law died intestate your wife, her brother and mother have 1/3rd share in said flat . although your wife is a nominee she is only a trustee for all legal heirs .
your mother in law and brother in law can execute deed of relinquishment in favour of your wife . it attracts nominal stamp duty . gift deed would attract 2% stamp duty on market value in maharashtra .
Rajendra K Goyal
(Expert) 24 October 2013
Gift deed or relinquishment deed by other legal heirs can be registered. Stamp duty differs State to State.
Rajesh
(Querist) 24 October 2013
First of all, thank you very much for guidance on this. Appreciate your assistance beyond words can describe.
Can deed of relinquishment be prepared in such a way that the brother in law gifts his share in the property and mother in law (step-mother of my wife) relinquishes the right on the property in lieu of an amount of money? If yes, will this equal to a transfer of ownership or is that a seperate document to be prepared with seperate registration and stamp duty payable?
Devajyoti Barman
(Expert) 24 October 2013
Yes it can be done for which deed of Release will have to be prepared.
It is deed of conveyance on payment of stamp duty.
Rajesh
(Querist) 25 October 2013
So Mr. Barman, If I understand this right, first release deed must be prepared and to tranfer ownership, deed of conveyance will have to be excuted. Am I right? Could you please let me know what is the registartion and stamp duty for the same in Mumbai?
Hemant Agarwal
(Expert) 30 August 2014
1. GIFT Deed CAN be executed ONLY if you own the property. In the present case the FIL is the Title-Owner of the Flat and continues to own on records, irrespective that he is now deceased.
2. Since the BIL & MIL does not own the flat, they CANNOT Gift the Flat to their Daughter.
3. A duly StampDuty paid registered Release /Relinquishment .OR. "Family Settlement" deed can be executed in favor of the Daughter, thereby confering 100% Title-Ownership of the Flat in favor of the Daughter. On such instrument between family, Stamp Duty = 2% of properties rateable value and 1% as Registration fees. There is no need to execute multiple instruments.
4. Alternatively, since FIL died intestate, the Daughter may apply for "Letter of Administration", to the testamentory div. of Mumbai High Court, and all the legal heirs/ beneficiaries would grant consent to the High Court. This procedure is the safest and irrevocable and free from all disputes, thus leads to 100% clear title of property.
Keep Smiling .... Hemant Agarwal
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