Gift Deed or Release Deed
Atin
(Querist) 11 June 2011
This query is : Resolved
My father and I jointly purchased a property in Vaishali,U.P. in 2005. Loan taken by me on the property for my share of the investment has been closed and father had invested his own money.Now I would like to get father's name removed from the registry.Father does not want anything in return and this is to primarily secure the absolute title to the prop in my name which should not be challenged later on by my brother etc.
a)Do I have to execute a GIFT deed btwn my father and me without any monetary consideration.
b)Will a release deed be better wherein my father gives up any rights to the property for himself and secures me against any future claim by my brother?
C)Registartion of any of these deeds including stamp duty to the U.P. Govt is compulsary?
D)Post execution of this deed will I have to re - register the value share of property which is in my father's name,thereby repeating the entire prop. regn process again into my name for that much value as per current circle rates or just regn. of deed is enough to secure my absolute title as per law?
Devajyoti Barman
(Expert) 12 June 2011
a. Yes execute a gift and in gift deed there is no question of money. Love and affection out of nearness of the relationship is the consideration.
b. Any of the two would do but from from the point of view of stamp duty . the deed attracting lesser stamp duty should be preferred.
c. yes
d.Mutate your name in the Municipality register.
PALNITKAR V.V.
(Expert) 12 June 2011
Gift deed between near relatives also requires lesser stamp duty. So it is convenient.
prabhakar singh
(Expert) 13 June 2011
IN MY OPINION YOUR FATHER SHOULD EXECUTE A REGISTERED GIFT DEED IN YOUR FAVOR AND YOU SHOULD ACCEPT IT WITH POSSESSION,BECAUSE IT IS ONLY GIFT DEED THAT SHALL MAKE YOU FULL AND ABSOLUTE OWNER JUST DURING LIFE TIME OF YOUR FATHER.
Atin
(Querist) 14 June 2011
I would like to thank everyone for taking time to reply my query.Since, the stamp duty on this procedure in U.P. is coming high.
A) Is there a way that my father can appoint me Power of Attorney(Durable) with scope to any action to be taken in regards his share in this property.
B)Is POA going to be able to serve as a deterrent to my brother or his wife to stake a claim on this prop.
C)Can my father take out a gazette notification of disowning my brother from all assets in order to secure my father's financial interests allover including in this prop.
D)Or is a Gift Deed which will involve stamp duty exercise the only durable and best way out.
Thanks to Everyone
