Rahul (Teacher) 27 May 2015

Property transfer

Hello - My self and my wife purchased a property in UP ghaziabad (Bank Finianced) Now she decided to give me her 50% portion , could you please help what would be best option to do this transfer and cost effective. Few laywers gave me suggestion of Gift deed where stamp duty is involved and one of the laywers told me today that he will execute an declaration document where we dont have to pay any stamp charges only minimal stamp charges, My question is - would it be a valid document ? Can it be challenged in court anytime in future and on the basis of this document did i get complete ownership of my wife's portion ?

This transfer should be irrovacable in future and gshould not be Challanged by one including my wife. Could you please give me the best suggestion.

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9 Replies

Kappil Cchandna (Expert Bail & Criminal Defence Lawyer at Delhi Supreme Court of India) 27 May 2015

Sir, Don't be afraid to pay the stamp charges, its better to to go for the relinquishment deed .... To be on a safer side its better u don't look for shortcuts .... Better is to take RD and get the same registered in your name ... Warm Regards Kapil Chandna Adv 9899011450

Rahul (Teacher) 27 May 2015

Thank You Kapil but RD involves stamp duty charges + Income Tax on captial gains however Gift deed has only stamp duty and Income tax relaxation. What do you say about this and suggest ? Anyone else would like to give suggestions will be highly appriciated.

Thanks

ADV-JEEVAN PATIL, MUMBAI ( DEEMED/CONVEYANCE OF BUILDING) 28 May 2015

I subscribe to the views of my friend expert Kapil

Dr J C Vashista (Advocate) 28 May 2015

I differ with the expert advise of Mr. Kapil Chandna as RD is inapplicable in this case and suggest to get a gift deed registered by your wife (or vice-versa), pay stamp duty and live in peace.

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 ) 28 May 2015

Amount of stamp duty depends on the relationship between the donor and the donee. In your case the duty may be very less.

Shivshankar Mishra (Advocate cum legal adviser ) 28 May 2015

I agree with expert advise of Dr. Vashista Sir. Thats true... Gift deed is the better option.

Amol Kende (No) 29 May 2015

Yes am also agree with the Vashista sir, Ramacharya sir, and Shivshankar Mishra also

Its defined by the upper authority that if any gift deed registered with proper stamp duty and probeted correctly with correct authorities then maker of the gift deed also can not challenge it in any where where Indian laws applicable just need to take care at the time of creation of gift deed and probate and register it with the required stampduty yes there is relation with the both parties hence might be possible the low rate of stampduty involve in the documentation but its permanant as what you required

T. Kalaiselvan, Advocate (Advocate) 03 June 2015

Executing a registered gift deed will be the best solution to your problem. If you think of avoiding stamp duty now, you may land up in serious loss later when the other type or transfers do not hold a legal validity and you may stand losing the entire property. Hence as advised by experts better be in the safe ring by executing a registered gift deed with irrevocable conditions.

Biswanath Roy (Advocate) 06 June 2015

Considering given facts my opinion is Gift Deed will be the best solution to avoid future litigation and on the question of its good marketability in future.