Settlement deed or gift deed
Krishnaraj
(Querist) 20 December 2011
This query is : Resolved
Dear Experts,
If i want to register my Immovable asset to my wife, what is the procedure, whether i need to pay the Stamp duty and registration fee for the same ?
2) Can i add my wife's name as JOINT Account to my immovable property ? If Yes what is the cost involved.
3) If i add my wife's name, Then after my death, what will happen, whether entire property will go to my wife's name, OR, My children will claim their share in my NAME ?
kindly advice
adv. rajeev ( rajoo )
(Expert) 20 December 2011
If you want register your entire property in your wife's name then you will have to execute the rights relinquish deed, it is very cheapest mode of transfer.
If you want to enter your wife's name along with with you then give an application to the concerned authority.
After your death your children will be entittled to claim their share in your share along with your wife.
Nadeem Qureshi
(Expert) 20 December 2011
Mr. rajoo is right, I agree with him
Devajyoti Barman
(Expert) 20 December 2011
For transferring your immoveable assets you need a registered document.
The best option would be to make a deed of gift and get it registered which does require payment of stamp duty.
Raj Kumar Makkad
(Expert) 20 December 2011
A registered deed has to be got executed for this purpose as this is an immovable property. Once you transfer your entire title in favour of your wife, it shall become self acquired property of your wife and it shall have to impact over your death as her status over the property shall remain intact.
prabhakar singh
(Expert) 21 December 2011
Although all are correct but yet you have not got the answer to your query.
Yes,you can create your individually owned property in joint with your wife by transferring in her name any desired share/part of unit,e.g.,1/2,1/3,1/4th etc.
Yes,after your death whatever would be there in your name would be shared equally by your wife [mother,if alive at then]and all sons and daughters.
If your intention is that after your death
your wife should alone be owner of your all properties then best course of action is to execute a Registered WILL in favor of your wife which shall come into operation after your death and till you are you would be owner.
If your intention is to remain owner till your life and thereafter you want control of your wife over properties during her whole life but do not want her to sale the properties but to leave them for your children then you can make a Registered WILL creating life interest in favor of your wife and state share of your children after her death.
Krishnaraj
(Querist) 21 December 2011
Thank you Dear Experts..
You solved my query.. Thanks a lot.
