exchange of property
Bhartiya No. 1
(Querist) 14 November 2009
This query is : Resolved
Respected experts,
We r two persons 'A' and 'B' living in different locations. Both have some lands situated in each other's locality. Some portion of land of'A' is situated adjacent to 'B's house and some portion of land of 'B' situated adjacent to 'A's house. Both are agree and wants to exchange the respective portions of land. Consulted local lawyer on this, they say that both have to do separate registry in each other's name, which is costing a lot. Can it be done thro' exchange deed? If possible pls send exchange deed. Can they exchange in any other cheaper way? THanks and regards.
AEJAZ AHMED
(Expert) 14 November 2009
Dear Ashutosh,
They both can exchange their properties under " Exchange Deed ".
In case of ' Exchange Deed' Article 31 of the Indian Stamp Act, 1899 both the parties shall bear equal share of Stamp Duty.
For Formate of Exchange Deed kindly go throgh the attached document.
adv. rajeev ( rajoo )
(Expert) 14 November 2009
U can done by exeucting the exchange deed, but it is not cheaper, according to the state stamp act you will have to pay the stamp duty. It is better to register the exchange deed to avoid the future litigation.
Whatever you both want to exchange that should written down along with the property nos., CTS etc., and schedule of the property in the exchange deed.
It is very formal deed.
Wittness signatures are must.
Bhartiya No. 1
(Querist) 14 November 2009
Thanks for the suggestions, Instead of doing separate registry of respective lands in each other's name, I hope it will be cheaper. Also will the exchange deed is valid in Jharkhand and is there will be any problem in mutation at revenue authority. With regds.
adv. rajeev ( rajoo )
(Expert) 15 November 2009
instead of going for regn., of exchange deed, just u both file an vardi before the concerned revenue dept., regarding the exchnge mutatuion entry will be creted.
Raj Kumar Makkad
(Expert) 15 November 2009
I suggest you to file a civil suit for exchange which is not only cheapest form of exchange but all less time taking.
Bhartiya No. 1
(Querist) 15 November 2009
Thanks a lot for the suggestions. Sir how civil suit is it partition/title or misc. or compromise, please give a hint I will consult with local lawyer. Thanks
