Best way to transfer share of mother in joint property
Samazdar Babu
(Querist) 09 May 2011
This query is : Resolved
My father died 2 years ago and my 2 sisters and mother got the farm land on his name transferred to all four of us. Now the land record shows all 4 as joint owners of this farm land (outside municipal limit).
My mother need some money and can’t find a buyer for her share in the property. We have mutually agreed to transfer her share of land to my name as per the market price of the land. My sisters have no objection on this transfer.
My questions is, what is the best way to get the share of my mother in the land transferred in my name with no or minimal cost? (Gift deed?)
Also, is it possible to do this transaction along with the partition deed where my sister can get their equal share of the land in their name and I get mine and my mother’s share in my name?
We have good mutual understanding and all of us have no objection for the best legally safe solution.
Experts, please advice.
R.Ramachandran
(Expert) 10 May 2011
Since your mother is a joint-owner of the property, she can very well relinquish her share in your favour. This has to be done by Registered Relinquishment Deed.
You have to find out from your State as to what is the stamp duty payable on such Relinquishment Deed.
If the Stamp Duty payable on Relinquishment Deed is equal to normal sale deed, then it will be better for you to get the Registered sale deed effected by your mother. This will also reflect the correct position since you will be paying the money for the property to your mother.
If your mother gives the property by way of Gift, then also the same has to be done through Registered Gift Deed. In many of the States, the stamp duty for Gift Deed is same as for normal sale deed.
Therefore while you have all the three options viz., Registered Relinquishment Deed, Registered Gift Deed and Registered Sale Deed, please check up the stamp duty applicable at your place. Then take a decision which suits you.
