Part property in my name

Querist : Anonymous (Querist) 30 August 2011 This query is : Resolved
Hi

My father has a self acquired land on which he stays on the ground floor and I have built the first floor for my and family's occupancy.

What is the cheapest and fastest way to have the 1st floor in my name legally?

The property is self acquired by my father and currently in his name.

I have heard of the relinquishment deed but not sure if it is applicable in non-ancestral properties.
What is the most hassle free method to do this where i have absolute ownership of the 1st floor.

Rgds

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R.Ramachandran (Expert) 30 August 2011
Even though you might have built the first floor with your funds, the fact is the entire building is standing in the name of your father. He is the owner of the entire building as on date.

Your father has to give a Registered Gift Deed - gifting the first floor to you - in case you want the first floor to be in your name.

Since you happen to be the son, there will be no income tax for the gift received by you from your father.

But, there will be stamp duty as applicable to conveyance of the property on the entire value of the first floor, and also registration charges.

The question of Release Deed does not arise in your case. Release Deed is possible only when two or more persons are joint owners of the property and if any one wants to release his share in favour of the other. Release deed cannot be between a owner and a stranger i.e. a person who is not a joint owner.

n.k.sarin (Expert) 30 August 2011
I do agree with the opinion of sri R.Ramachandren

Devajyoti Barman (Expert) 30 August 2011
Yes I agree too.

Raj Kumar Makkad (Expert) 30 August 2011
Well advised by Ramachandran.

Querist : Anonymous (Querist) 30 August 2011
Thankyou Mr Ramachandran.

I understand from you that the gift deed is the best and cleanest option here. What are the monetary implications here? I am told that i have to pay some percentage of the property value to get it registered.

What are the expenses I would incur if i go ahead with the gift deed option?

Rgds

ashok kumar singh (Expert) 30 August 2011
agree with expert opinion, thanks.

R.Ramachandran (Expert) 31 August 2011
As already indicated to you, there will be stamp duty payable on the value of the property being gifted, and registration charges.
The stamp duty will depend upon the State in which the property is located and also the Circle Rate if any fixed for the locality.

R.Ramachandran (Expert) 31 August 2011
Needless to say the gift deed needs to be properly drafted.

Raj Kumar Makkad (Expert) 31 August 2011
Stamp duty is different from State to State so it is better to know from the office of registrar where such gift is to be registered.

Querist : Anonymous (Querist) 31 August 2011
This option is working out really heavy on my pocket as the property rates are quite high in this area.

Is there no other way to do this?

prabhakar singh (Expert) 31 August 2011
Unfortunately to make you owner just in the life time of your father there is none.

Any way will you tell us that besides you who are the other legal representatives or heirs of your father and what is the date of deed by which your father acquired the right over the land,how and when and with whose sanction
the first floor was constructed and when was the second floor constructed,in whose name permissions to construct was granted to think if any more alternates canbe legally designed???????????????

M/s. Y-not legal services (Expert) 01 September 2011
Nothing more to stated about this query for legal solution.. Dear author whats your problem to continue the entire building in the name of your father's? Is any more legal heir there?

Querist : Anonymous (Querist) 01 September 2011
Mr R Ramachandran has been really helpful. I tried clicking to give 5 star rating but some other result is being displayed on the site.

Many thanks Mr R Ramachandran.

Querist : Anonymous (Querist) 01 September 2011
thnks to all

Querist : Anonymous (Querist) 01 September 2011
Hi
Can u pls help me understand the stamp duty and registration fee calculation when it is a gift from father to son and daughter-in-law..

One view i got was that when there is a gift deed between family members then the stamp duty and registration is very nominal about 1000-3000 Rs. While another view is that it's approximately 10% of market value of property? A third view is that it's 2% of market value when transaction is between family members.

I am residing in maharashtra.

girish shringi (Expert) 01 September 2011
You can inquire from local stampm vendor or registry office.

Part property in my name

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