Settlement deed
Karthikeyan.S
(Querist) 08 February 2012
This query is : Resolved
Dear Sir,
I am going to buy a plot from my father in law by paying full cash.This property was purchased by him in 1986.He has 4 sons apart from my wife.
He has suggested that he will transfer this property to my wife name (Daughter) so that the Reg charges will be less. Is it advisable?
Some people says he has the right to cancell the deed any time. If so, how to doccument so that he can not cancell the deed any time.
Request your suggestion please.
ajay sethi
(Expert) 08 February 2012
dont be a fool . always pay by cheque .
tomorrow your brother in laws may challenege sale as no considertaion has been paid and was done on account of undue influence .
your father in law can execute a will wherein he bequeaths entire property to your wife .
or he can execute a registered gift deed in favour of his daughter ie your wife .
A V Vishal
(Expert) 08 February 2012
I advise two things:
1. Pay through an account payee cheque only.
2. Register it in your name only.
M/s. Y-not legal services
(Expert) 08 February 2012
my suggestion also., "sale deed" is best one for you..
since its a self acquired property of your father in law., he is the law full owner., he can entered in to sale deed with any one..
sale through registered sale deed mean, cash mode not an issue.. cos there will be mentioned about consideration.,
-tom-
adv. rajeev ( rajoo )
(Expert) 08 February 2012
You are going to purchase the property from your father by paying cash, so why your father wants to transfer the same in your sister's name. It is not advisable. Let him register the sale in your name directly.
There no concession of stamp duty to women.
Advocate M.Bhadra
(Expert) 08 February 2012
If you would have to pay full consideration then you should better to purchase in your name,but if your father-in-law want to gift to your wife(his daughter)there is no question of any consideration,then stamp duty will be at concessional rate and gift once execute can not be taken back.If your father-in-law gifted his property during his life time then after his death your brother-in-law would not able to claim their share.
DEFENSE ADVOCATE.-firmaction@g
(Expert) 08 February 2012
Your father in law in clever person , if he wants to gift why money transactions.
It will open a pandoras box after his death for claimant.
Karthikeyan.S
(Querist) 08 February 2012
Thanks to all for giving your views in short time.
Minansu Badra Sir,
From the above answers of all I understood as follows. Please correct me If I am Wrong.
I have already paid 45% by cash. The remaining amount I can pay by Cheque (almost equal to Guide line value).
1. My father in-law can execute a GIFT DEED on my wife (his Daughter) which can not be cancelled in future and my brother in laws can not claim.
2. Can you indicate what woud be the Stamp duty and Reg Charges in Tamilnadu.
3. If possible can you guide me what kind of wording I shoud use in doccument to safe gaurd my property.
4.Whether Bankers will consider Gift deed for home loan.
Thanks and regards
A V Vishal
(Expert) 10 February 2012
From the above answers of all I understood as follows. Please correct me If I am Wrong.
I have already paid 45% by cash. The remaining amount I can pay by Cheque (almost equal to Guide line value).
Ans. Yes.
1. My father in-law can execute a GIFT DEED on my wife (his Daughter) which can not be cancelled in future and my brother in laws can not claim.
Ans. Basically one thing must be understood that a gift deed is without any consideration and out of natural love and affection. The nature of the deed changes once consideration is entered into the deed.
2. Can you indicate what woud be the Stamp duty and Reg Charges in Tamilnadu.
Ans. Please visit the registration authority for the correct charges & expenses.
3. If possible can you guide me what kind of wording I shoud use in doccument to safe gaurd my property.
Ans. A Registered deed mentioning the fact that consideration was paid.
4.Whether Bankers will consider Gift deed for home loan.
Ans. No.
A V Vishal
(Expert) 10 February 2012
I draw attention to all experts here who are answering the querist here, Please go to the basics and refer s.122 of the Transfer of property act.
122. "Gift" defined
"Gift" is the transfer of certain existing movable or immovable property made voluntarily and without consideration, by one person, called the donor, to another, called the donor, and accepted by or on behalf of the donee.
Karthikeyan.S
(Querist) 10 February 2012
Dear all
I am not clear.
I explaind all the facts. Please clarify
1. Should I use Settlement or Gift deed so that it can not be withdrawn or any one claim latter.
2. Can I have a record in unregisted stamp paper for having paid the money.
3. Whther this property to be registered in my name or in my wife name. which is better
4. If any one can give me a draft deed which is more safty for my property.
Please help me as I have planned to register in comming week.
Thanks and regards.
A V Vishal
(Expert) 10 February 2012
1. Should I use Settlement or Gift deed so that it can not be withdrawn or any one claim latter.
Ans Both are irrelevant.
2. Can I have a record in unregisted stamp paper for having paid the money.
Not advisable
3. Whther this property to be registered in my name or in my wife name. which is better
Ans In your name
4. If any one can give me a draft deed which is more safty for my property.
Consult a local lawyer
