Purchase of the share of property
Ashok K Gupta
(Querist) 28 March 2011
This query is : Open
Dear Experts
There were four claimants (all sons) to the property of my grandfather. They had mutually divided the property amongst themselves through a Property Agreement. Now my father had been able to purchase the share of one of the property-shareholder at a cost of Rs. 5.50 lakhs.
My friends and relatives are advising to get the sale deed duly indemnified through Registration i.e. get the property registered in our name. I suppose the registration will cost approx 1 Lakh as per our municipality is concerned.
Though I have least information about property sale-purchase. Out of my curiosity I want to know if the same share of property can be gifted to us. If yes, whether there will be any financial burden to us.
There are every scope that one brother can gift the share to his brother without any financial provision.
In short which medium of obtaining a property you will advise? Registration or Gift. And what would be the financial burden to us?
Kindly also enlighten the Pros n Cons of dealing in property.
Ashok K Gupta
09471191644
