Mutation and regisration of residential property
N K Jain
(Querist) 27 December 2013
This query is : Resolved
A was the owner of a house in Delhi. He gifted the same to his three children in equal proportion by a Registered Gift Deed. The children entered in to a development agreement with a builder whereby a four story house was constructed on the site and three floors were given to the three children. This sale of 3 floors to the children(all adults) was duly registered with the Registrar's office in South Delhi and they became joint owners of the 3 floors.
By way of family settlement deed (which is not registered) they have agreed to own one floor each individually. They want to properly document and record the individual ownership of each floor in individual name.
Please advise if they have to register the family settlement deed with the Registrar's office or not, and if so will they have to again pay the stamp duty/ registration charges and if so, at what rate?
Can they get mutation done on the basis of unregistered family settlement deed for each floor in their respective name? Presently mutation record is only for original building (Before development) and is in name of A (Father)
SHIRISH PAWAR, 7738990900
(Expert) 27 December 2013
It is advisable to pay register the family settlement deed and give effect in mutation record.
N K Jain
(Querist) 27 December 2013
Thank you for your reply, Mr.Shirish Pawar.
Can you please guide me what it takes to register the family settlement deed -- I mean what is the stamp duty or registration charges one will have to pay in Delhi - Is it a fixed charge or at what rate it will be levied?
Devajyoti Barman
(Expert) 27 December 2013
Since individual flats have already been reigistered in their name then family settlement deed need not be registered as it would attract stamp duty.
On the basis of registered deeds and family settlement deed you can apply for mutation of flats in your individual names.
Rajendra K Goyal
(Expert) 27 December 2013
Well advised by the expert Devajyoti Barman ji.
ajay sethi
(Expert) 27 December 2013
agree with Mr barman
N K Jain
(Querist) 28 December 2013
Thank you, Mr Barman. The 3 flats are registered in joint names of 3 siblings and not in individual names. Family settlement deed specifies ownership of specific flat to each individual. Is there no need to register the family settlement deed? Kindly advise.
N K Jain
(Querist) 28 December 2013
Thank you, Sir
T. Kalaiselvan, Advocate
(Expert) 29 December 2013
The family settlement deed will become the individual's deed of the property, so it is always better to have it duly registered to avoid complications especially while applying for bank loans in the future because the banks will not recognize the unregistered deeds.
N K Jain
(Querist) 11 January 2014
Actuallythe property consisting of 3 flats on 3 floors stand in joint names of 3 siblings. Now by a family settlement deed, which is not registered, they have agreed to individually hold one flat each, relinquishing his rights in remaining 2 flats. The family settlement deed has been signed by them on a stamp paper of Rs 100.
On approaching Delhi Municipal Corporation to get mutation done for floor wise single flat in each individual name, authorities have stated that family settlement deed must be got registered first before action can be taken for mutation in individual names.
Please advise where registration of the deed is to be done and what are the charges? Will we have to pay stamp duty again @ 4% on value of flats? There is no transfer of property, but is only a distribution of rights on flats owned by the siblings.
ajay sethi
(Expert) 11 January 2014
submit doucment for adjudication . pay stamp duty as advised . register the settlement deed
N K Jain
(Querist) 06 April 2014
Please advise what will be the charges for registering the family settlement deed and whether stamp duty will be applicable and if so at what rate? Property is situate in Hauz Khas area of New Delhi.
