Gift: 2 different lawyers diff opinion.plzz help
ajay
(Querist) 01 June 2015
This query is : Resolved
dear sir ,
my father wants to tranfer residential flat to me and my son via registered gift deed.I Consulted 2 lawyers with 2 different opinion.
LAWYER 1 : in mother deed ( ie original flat paper) it is written that the floor area of flat is 2500 sq. ft. NOW he suggests to transfer transfer the flat at 20% above floor area ie at super built up area ( 2500* 120 % = 3000 sq. ft .That is he wants to execute gift deed at 3000 sq. ft. and i will have to pay stamp duty on valuation based on 3000 sq. ft.
he says that if i execute gift deed at 3000 sq. feet then i can sell the property at 3000 sq. feet so paying extra stamp duty (SD) is worth it as my property is increased.
LAWYER 2 : he says to transfer property via gift deed at 2500 sq. feet only ie floor area mentioned in flat papers as if i hike 20% as superbuilt up area it will be wrong and also when i sell it i will get the price of 2500 sq.feet only and the purchaser will see the mother deed were it is written 2500 sq. feet.
my property is in kolkata, a standalone building not complex.
also for claculating value of property super build up area is required whereas in flat paper only floor area is written nothing else. it is around 25 years old building.
THE DIFFERENCE IN STAMP VALUE IN REGISTERING AS 2500 AND 3000 sq. ft. IS AROUND Rs 50,000 so is it worth paying 50000 extra??
Anirudh
(Expert) 01 June 2015
How many children your father has?
Devajyoti Barman
(Expert) 01 June 2015
Well, increasing the floor area than what has been mentioned in something unheard of in Kolkata. The donor can transfer only what he has got. he ca not gift more than what he has.
Stick to the area mentioned in the title deed. Any misinformation may lead to fraud upon the future buyers which is nothing but a criminal offence. Even if not then it may lead to unwarranted complications. Do not interpret the area and mention only what is there in the title deed.
ajay
(Querist) 01 June 2015
My father has 2 children me and my sister
ajay
(Querist) 01 June 2015
My father has 2 children me and my sister
ajay
(Querist) 01 June 2015
Sir for a gift deed the lawyer is charging Rs25000 so is it OK ? Is it less or more? I have no idea.
M V Gupta
(Expert) 02 June 2015
I agree that u should stick to the area mentioned in the original document. Ur father can gift the entire property to u only if it is his self acquired and not ancestral.If it is ancestral property he cannot transfer entire property to u as ur sister also has right by birth.
Anirudh
(Expert) 03 June 2015
Instead of GIFT, it will be advisable to get a Registered Settlement Deed in your and your son's favour. (As this procedure though as effective as GIFT Deed, involves very nominal stamp duty. Pl. check about the correctness of this in your area/State).
