transfer of property
VIJAY K. TEOTIA
(Querist) 26 April 2010
This query is : Resolved
A residential plot is in the name of my grandfather who died in 1984, my father is the only son. we are three married brothers. now my father wants to divide the plot equally among us. we all wants to built respective houses. for that purpose we executed a family settlement. but the development authority do not recognise unregistered family settlement. they wants family settlement to be registered. the question is to register family settlement stamp duty will be attracted. if stamp duty is to be paid is it better to execute gift deed in favour of two brothers and for remining 3rd portion a registered will may be executed. there is no dispute of any kind in the family. all are willing to get it done legally.
my question is :
how to transfer this plot into equal share to get legal and marketable title so that development authority could accept it.
Manish Singh
(Expert) 26 April 2010
it shall be better to have the family settlement executed only. will could have been made only by your grandfather who is no more.
nw the property shall be inherited by all of you thus advisable to execute family settlement.
A V Vishal
(Expert) 26 April 2010
A settlement deed is a better option rather than a gift deed, since the property involved is an ancestral property.
VIJAY K. TEOTIA
(Querist) 26 April 2010
a registered family settlement? what is wrong with registered gift deed in respect of 2/3rd share and remaining 1/3rd will remain with parents till their life time for which they can create will.
Gulshan Tanwar
(Expert) 26 April 2010
Mr. Vijay, can a person make absolute gift of his property?
VIJAY K. TEOTIA
(Querist) 27 April 2010
ok after filtering the suggestions, finally it is settled that registered family settlement is the best option.
Manish Singh
(Expert) 27 April 2010
Dear Mr. Vijay
unless you or any one of your family member derive title over the property you can not gift the property and only once the property is inherited by you, you shall be able to gift the property.
