Ownership of a house
vimala rastogy
(Querist) 30 March 2019
This query is : Resolved
I, my father and mother are jointly buying a flat. My father is paying the maximum amount. Is it possible that three parties own different percentage of ownership of the flat. I want my father to own 90% of the property. Is it possible?
Vijay Raj Mahajan
(Expert) 30 March 2019
Yes an agreement to this effect can be made between the parties and the same be registrated at the register office where the sale deed of the property was registered.
Dr J C Vashista
(Expert) 30 March 2019
Terms and conditions / covenants of agreement to sell followed by Sale Deed shall govern/ prevail.
P. Venu
(Expert) 30 March 2019
The facts posted suggests that there could be real issues. Please post the complete facts highlighting the real issues.
vimala rastogy
(Querist) 01 April 2019
Thank you for your reply. The complete fact is as follows:
We have an old house which is in my father's name. We are purchasing an under construction flat where the agreement has been made between the realtor and us (my father, mother and myself ). My father is pensioner, mother is a housewife and I'm working. We all have paid the amount in parts from our bank accounts. My father paid around 60%, my mother 30% and myself 10%. Our main intention is to save the capital gain tax from the sell of the old house. We want to show the entire sell amount has been utilised in the purchase of the flat. Hence it is required my father to own the maximum percentage (90%) of the new flat.
Your suggestion and recommendation would be greatly helpful. Thank you.
kavksatyanarayana
(Expert) 01 April 2019
Dear queriest, At the time of registration of Sale deed, get the sale deed registered in your father name only. if already registered, you and your mother shall relinquish your rights to your father over the property.
P. Venu
(Expert) 02 April 2019
However, the legal heirs of your father have the right to inheritance over the property vested with your father.
