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Sastry (Self)     16 January 2013

Property transfer to wife's name

Dear All,

I own a plot in Bangalore. It's registered on my name few years back.

Now I want to transfer the property completely to my wife's name.

Can I do Gift deed? So, what is the best way to do with very minimal cost?

How much it may cost? What the will be charges?

Regards,
Sastry.


Learning

 5 Replies

Arvind Singh Chauhan (advocate)     16 January 2013

yes you may gift it. cost depends onthe rules framed by concerned state govt regarding stamp duty and registration fee.

Advocate Vishnu (Advocate)     16 January 2013

yes , you can execute a gift deed in favour of your wife . 5 % market value

Joseph Wilfred (Voluntarily Retired from Indian Overseas Bank)     17 January 2013

MY CASE IS  EXACTLY THE OPPOSITE OF THIS . ALTHOUGH THE PROPERTY WAS PURCHASED BY MY WIFE IN 1985 THAT IS BEFORE MARRIAGE AND THE DOCUMENT WAS EXECUTED BY TWO POWER OF ATTORNEYS WHO PREPARED THE LAYOUT CONSISTING OF MORE THAN 10 ACRES AND 100 PLOTS WHICH ARE UNAPPROVED . MY WIFE AND HER SISTER BROUGHT 2 PLOTS . I WAS OF THE HOPE THAT IT MAY COST MORE NOW . I ADVANCED RS 80,000/- TO HER SISTER IN 1999 AND RUPEES MORE THAN FIVE LACS TO MY WIFE TO SETTLE HER CREDIT CARD AND PERSONAL LOANS AVAILED FROM PRIVATE BANKS WITH SEVERAL TOP UPS IN 2005 FOR WHICH I AM HAVING THE LETTERS . SINCE MY WIFE WAS WORKING IN CENTRAL GOVERNMENT SHE HAD TO SUBMIT THE INCOME TAX RETURNS FROM 1999 TO 2012. IN THAT SHE HAD NOT SHOWN THESE AMOUNTS .IN 2006 I FOUND THAT THOSE TWO PLOTS ARE WORTH NOTHING BECAUSE THE PARENT DEEDS FOR THE ENTIRE 10 ACRES WAS NOT AVAILABLE IN THE RECORDS OF THE SUB REGISTRAR'S OFFICE OR THE HEAD OFFICE OF THE REGISTRAR IN THAT PLACE TILL THE YEAR 1950 . WITHOUT THE PARENT DOCUMENT I CANNOT OBTAIN THE TITLE OF THE PROPERTY FOR MY WIFE AND HER SISTER TO EXECUTE A SALE DEED . ALMOST ALL THE PLOTS IN THE LAYOUT ARE VACENT SPACE AND IF ANYBODY GOES THERE THE BROKERS COME AND ASK THOSE PROPERTIES FOR RS.4000/- I AM IN A SOUP NOW . I GAVE THAT MONEY BY SELLING MY PROPERTY IN MADRAS AND I HAVE NOT MADE ANY INVESTMENT FOR CAPITAL GAINS OR PAID THE CAPITAL GAINS TAX WITH THE HOPE THAT I CAN PAY IT AFTER SELLING THOSE PROPERTIES . NOW THAT MY WIFE HAD DESERTED ME PERMANENTLY , I HAVE TO KEEP THOSE DOCUMENTS IN THE MUSEUM ONLY. WHAT IS MY POSITION NOW . KINDLY CLARIFY .-JOSEPH WILFRED - 17/01/2013 AT 22.41 HRS .

Advocate Vishnu (Advocate)     18 January 2013

Dear Wilfred,

A woman's property howsoever acquired is her absolute property. you do not have any legal rights on her property.

If your wife has cheated you, then you may file a case of cheating . But in your case your query reads that you have volunteered to pay her debts. you may not get any legal relief for your voluntary actions.

Joseph Wilfred (Voluntarily Retired from Indian Overseas Bank)     21 January 2013

DEAR VISHNU

                                   THANK YOU DEAR MR. VISHNU . I BELIEVED HER IN 2005 AND THEY HAVE CHEATED ME NOW. LET GOD REWARD THEM FOR WHAT I HAVE DONE TO THEM ON THE BELIEF THAT HER PROPERTY WILL BE USEFUL FOR ME IN FUTURE . I COULD HAVE HAVE RUN AWAY AND DESERTED THEM IN 2005 WITH THE 10 LACS I GOT BY SELLING MY PROPERTY . THAT 10 LACS IN 2005 WILL NOW EQUAL TO 40 LACS . NOW SHE HAD DESERTED ME JUST FOR 14 LACS .- JOSEPH WILFRED - 21/01/2013 AT 00.08 HRS.   


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