property transfer
R.V.RAO
(Querist) 31 October 2010
This query is : Resolved
sir,
one property is registered in the name of the son and father jointly( first name son and second name father).
before father dies , the father wants the property solely be made in the name of the son only, to avoid the son facing legal hassels like produce death certificate / and or succession certificate etc... and get property in son's name ( after father's death).
pl.help the father's concern for his son and advice kindly any least cost or no cost procedure to the poor father.
regards,
r.v.rao
Raj Kumar Makkad
(Expert) 31 October 2010
I shall tell you only free of cost way. You son should file a civil suit for declaration to the effect that the entire house/property belongs to him by way of a family settlement entered between you and him some days ago and that you (father) being defendant is resiling from family settlement and this has given cause of action to him to file the suit. The court shall give notice to you and on coming before court, you admit the claim of your son and thus decree shall be passed in his favour and he shall become its full owner. /such decree should be got entered by him in the relevant /govt. record.
A V Vishal
(Expert) 31 October 2010
To gift the property by way of a registered gift deed to the son since the cost of stamp duty on gift is minimal in case the property is transferred to a blood relative, other ways are by relinquishment deed or by way of a registered will. In my opinion, a registered will is the best option so that the father is not cheated during his last days.
A V Vishal
(Expert) 31 October 2010
Mr Makkad
Interesting way to make it free of cost, but will the advocate do it freely without charging his fees.
R.Ramachandran
(Expert) 01 November 2010
Father can leave a registered Will in favour of the Son. This is the least cost option. But, the Will will take effect only after the father's demise. Here the father if he has change of mind can even cancel or revise the will in favour of any one.
The next lease cost option is father giving a relinquishment deed, relinquishing his interest in the property in favour of of his son.
The other option, but which would involve minimum stamp duty is giving the property by way of gift.
Kirti Kar Tripathi
(Expert) 01 November 2010
i agree with Mr. Ramachandran. The option of will is best for both father and son. in case, in future, any dispute or reason arises for father not transfer the property, at least he has an option to revoke will otherwise the will take its effect after the demise of father.
s.subramanian
(Expert) 01 November 2010
I agree with Mr.Ramachandran.
B K Raghavendra Rao
(Expert) 01 November 2010
Sri Ramachandran is correct. The will need not be registered but to be witnessed by at least two persons.
Sri Makkad's suggestion is very costly. Court fee has to be paid on the market value for filing a declaration suit.
Sri Vijayan.A
(Expert) 03 November 2010
1. Will is the Cheapest. Does not need any registration. But if anybody (Other heirs) challenge it, it is not the right advice.
2. Next is the Settlement/ Gift deed by the father to his son out of Love and Affection. This need very little stamp duty and regn fee.
3. The next is the release/ relinguish deed. This also require low cost.
4.The options 2 and 3 require registration and shall come into operation with immediate effect.
5. The option 2, may be condiional, to take effect after death of the father and revocable. This is equivalent to Will but not easily challengeable.
