Want know about gift deed
Funloving
(Querist) 16 January 2015
This query is : Resolved
Dear All,
Me & my partner had purchased the 1RK in vasai-Thane on loan,i am co-borrower.
Now we are going to separate so i want to take the complete ownership of my house thru gift deed.My partner is also agreed.
Plz advice is this the correct way to take complete ownership also want to know is this possible for my partner to cancel the gift deed in future & what will be the stamp duty & registration fee.MY flat market value is 150000/-
Awaiting for quick response.
Shailesh Kr. Shah
(Expert) 16 January 2015
what about the loan repayment pendency?
if loan fully paid, then execute and registered sale deed instead of gift deed.
if you registered gift deed, you have to pay income tax.
adv. rajeev ( rajoo )
(Expert) 16 January 2015
Instead of going for the gift deed file a partititon suit. In that suit after serving the summons file a compromise petition. In that petition your partner can given up his rights over the property. If you do so he cannot claim his right over the property in future and you will save the Income Tax/Gift tax
ajay sethi
(Expert) 16 January 2015
you would need bank consent for execution of gift deed by your partner . once gift deed is made you would be absolute owner of said flat . it cannot be revoked unless consent is obtained by fraud or coercion . further your partner would need court order to set aside the gift deed
Funloving
(Querist) 16 January 2015
Dear All,
Thanx a lot for such quick response.
First i had concern to bank for loan transfer on my name but they don't have authority to do any deletion or addition.
Salesperson from them has given me gift deed suggestion,also inform that they are not going to give any written confirmation for this,they want EMI to be paid on time & also ask to submit the xerox copy of gift deed once its done.
Dear Rajeev,
could you explain me more about your suggestion partititon suit,how to proceed for this
Guest
(Expert) 16 January 2015
Dear Author,Your Name is Fun Loving and my Doubt is whether this Query it self a Fun Please.
Funloving
(Querist) 16 January 2015
No Sir,this query is real not fun.
I don't want to disclose my identity.
ajay sethi
(Expert) 17 January 2015
contact local lawyer get draft of gift deed prepared and forward it to bank for approval .
ajay sethi
(Expert) 17 January 2015
for filing partition suit contact a local lawyer for division of flat by metes and bounds . you can file consent terms . you will have to pay court fees for filing suit
Rajendra K Goyal
(Expert) 18 January 2015
Bank would not agree to delete name of any borrower till full loan is repaid.
In the declaration suit if the loan liability is also to be decided, Bank would also be a party and in such case the compromise may not be filed / decided favorably.
May pay the Bank loan. After gift / sale take loan from other financial institution in single name.
T. Kalaiselvan, Advocate 
(Expert) 20 January 2015
For a proper and complete deal without any problem anytime in the future, it is advisable that your partner makes a sale deed executed in your favor which will extinguish all future illusions predicted now.
