House property in the name of wife and she intends to make it a joint property legally. procedure pl
Lajpat rai thakral
(Querist) 02 September 2012
This query is : Resolved
Sir., my wife is owner of a landed house in her own name. She is more than 62 years and wishes to make her husband as joint owner of this property durinig his life time and after death of both husband and wife in the names of her two sons. Both the sons are outside India and she intends to avoid any hardship to them after the demise of parents of the kids I.e. two sons. What to get the proerty transferred in the name of her husband during his life time and two sons thereafter by legal docuements except will. is there any procedure for registration of proerty as desired by her above without paying much amount by way of registration fee and stamp duty etc.,
ajay sethi
(Expert) 02 September 2012
she can execute a gfit deed in fvaour of her husband for 50%share in property . the gft deed has to be stamped and regd . the stamp duty would be around 2%of value of property .
later both husband and will can make will bequeathing property in name of their children .
it is not advisable to transfer property in name of children when parents are alive . only after death of parents should property devolve on children
Guest
(Expert) 02 September 2012
Dear Lajpat Rai,
Shri Ajay Sethi has provided the best possible solution to your problem.
prabhakar singh
(Expert) 02 September 2012
Gifting by a registered 1/4 th each to the trios(husband and two sons) and retaining 1/4th with wife can be another way to arrive at desired destination.All shall be co owners having 1/4 th each and on death of father and mother the two sons shall become owner of 1/2
and 1/2 by law of inheritance even without any will.
Lajpat rai thakral
(Querist) 02 September 2012
Sir., how to write gift deed. Can she do it at her own level. Pl send such proforma of gift deed. What is the procedure of registration of gift deed.
Guest
(Expert) 02 September 2012
To avoid any legal complication, it would be better for you to take help of some expert near your place by hiring his services.
prabhakar singh
(Expert) 02 September 2012
It would be adventurous to do on your own.Better
engage a lawyer practicing civil side else risk yourself.Formats are not of use to those
who do not know law and its' application.They help junior lawyers as model only.It is not a copy cat case.Each case requires an unique draft formulated after considering each and every circumstance with the client.
Lajpat rai thakral
(Querist) 02 September 2012
O k. Some legally drafted containing all possibilities will be helpful to ensure all things are taken care of by our learned advocate as knowledge and expertise differ from person to person. So any food draft can guide to ensure all probable items or terms and conditions of gift deed are covered.
prabhakar singh
(Expert) 02 September 2012
Please go with provisions contained in section 122 and 123 of the Transfer of Property act.
prabhakar singh
(Expert) 02 September 2012
Just to form an idea it would look like below:
THIS DEED OF GIFT MADE THIS----------------- DAY OF ----------------------------------------------------- between Sh.---------------------------------------------------------------------------------S/o Sh.-------------------------------------------R/o-------------------------------------------- (hereinafter called the DONOR) of the one part, and Sh.-------------------------------------------------------------------
S/o---------------------------------------------R/o--------------------------------------- of etc. (hereinafter called the DONER), of the other part, WITNESSES, that in consideration of the natural love and affection which the DONOR had and still has for the done, the latter being his ------------------------------------------, the DONOR doeth hereby grant, convey, transfer, give and assure unto and to the use of the DONEE, freely and voluntarily, the property mentioned and described in the schedule hereto and hereinafter referred to as the said property and delivered possession of the same unto and in favour of the DONEE TO HAVE AND TO HOLD the same for her/his sole use and benefit absolutely and unconditionally forever. Usual covenants as in a sale deed AND THAT THE DONEE accepts the gift of the said property hereunder made as testified by her being a party hereto and executing these presents. The estimated value of the property is Rs.-----------------------------.
IN WITNESS WHEREOF the DONOR has executed these presents and the DONEE, has accepted the gift on the day, month and year first above-written.
Signed sealed and delivered by-------------------------------------
The DONOR in the presence of
yet i do not advise you to risk and bank on this draft for your facts not personally discussed.
prabhakar singh
(Expert) 02 September 2012
After all free lunches have their own limits.
Advocate Ravinder
(Expert) 16 September 2013
I completely agree with Ajay sethi sir and Prabhakar singh sir.
In Andhra Pradesh it is 1% stamp duty for gift deed within the blood relation. Outside blood relation 3% on the govt market value. It differs from state to state. Check up your local sub registrar office for exact stamp duty.
Anirudh
(Expert) 16 September 2013
Dear Mr. Lajpat Rai,
The best and cheap way for achieving this objective is to MAKE A REGISTERED WILL in your favour saying that the property will be in your name during your life time and after that it will go to your son(s) in equal measure.
Any other method will involve cost, which is avoidable.
Sir., my wife is owner of a landed house in her own name. She is more than 62 years and wishes to make her husband as joint owner of this property durinig his life time and after death of both husband and wife in the names of her two sons. Both the sons are outside India and she intends to avoid any hardship to them after the demise of parents of the kids I.e. two sons. What to get the proerty transferred in the name of her husband during his life time and two sons thereafter by legal docuements except will. is there any procedure for registration of proerty as desired by her above without paying much amount by way of registration fee and stamp duty etc.,
