mutual exchange of flats

Querist : Anonymous (Querist) 04 January 2011 This query is : Resolved
my uncle who is a partner in a college bought 2 flats for hostel in 1999, later the hostel was shifted to a big house and the flats are shared by my uncle and one of the partner , as one each and registration is done.the partner wanted to renovated and occupied the flat in 2004 for some vaastu reasons the partner wanted my uncle's apartment and my uncle and the partner exchanged the apartment without any written agreement. now my uncle asked me to buy the flat,which is fine with me.now they (my uncle and partner) wanted to exchange the flats and make it legal. can u state me how? can the exchange be done with simple agreement on stamp paper or should it be done in the house of registration. giving me complete right if i buy

Follow Query

Report Abuse

R.Ramachandran (Expert) 04 January 2011
If they want to exchange the flats in each other's name, it can be done only by way of proper conveyance deed and by paying applicable stamp duty on the value of each of the property. Value for the purposes of stamp duty would be either the Government rate or the value of the property whichever is higher.

Adv Archana Deshmukh (Expert) 04 January 2011
A Deed of exchange should be executed and registered.

Guest (Expert) 04 January 2011
a exchange deed is enough and it should be registered as per registration act. The registration and stamp will be nominal. No need for sale deed.

Parveen Kr. Aggarwal (Expert) 05 January 2011
Any transfer of an immovable property can only be by way of registered instrument. (Section 17, Registration Act). The exchange can be legally effected by way of execution and registration of Exchange Deed for which stamp charges are payable only on the value of one property whereas for conveyance deed stamp charges will have to be paid for the value of both the properties.

R.Ramachandran (Expert) 05 January 2011
I agree with the views of Adv. Archana and Mr. Praveen.
The views of Mr. Ganesan that the stamp will be nominal does not appear to be correct (unless Mr. Ganesan indicates the provision on the basis of which his views are based.)

Kirti Kar Tripathi (Expert) 05 January 2011
Mr. Praveen is perfectly right.

Querist : Anonymous (Querist) 06 January 2011
thnak you very much for your valuable suggestions

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries