Transfer of immovable property

This query is : Resolved 
 

(Querist)
29 May 2020

My father has gifted 3000sft land to me and my brother using gift deed. I have now built apartment alone with 100% investment from my side. My brother do not have capacity to invest. After construction there are 8 flats. My brother and I had mutual agreement that 2 flats will be given to him and 6 will be kept with myself. Since he hasn’t invested any amount he is also OK. Now I want the land to be proportionally distributed to secure the land title against my flats. Means I will have to own 75% of land instead of 50% which is in proportion to 6 flats. Which deed to preferred out of gift deed, or relinquishment deed or sales deed. Property is located in Chinchwad maharastra.


Raj Kumar Makkad (Expert)
29 May 2020

In the given facts, a registered settlement deed is required to be executed between both of you brothers. Alternatively, Relinquishment Deed and Gift Deed can also be got executed.

Rajendra K Goyal (Expert)
29 May 2020

You should find the stamp duty applicable in each of the following cases:

Gift Deed to near relatives, Settlement deed, Relinquishment deed

Should prefer the deed where minimum stamp fee is applicable in your State.

kavksatyanarayana (Expert)
29 May 2020

I opine though you have invested 100% investment, your father gifted to you both and hence you both have equal rights over the land. So it is better to get a relinquishment deed from your brother in favour of you. The Stamp duty shall be levied at Rs.5% on the Market value of his 25% share.

P. Venu (Expert)
30 May 2020

Any suggestion depends upon the Apartment Law in force in your State,

Rajendra K Goyal (Expert)
30 May 2020

You should contact to local lawyer to find out the cheap and best way which would be suitable in the given situation, considering stamp duty applicable in your state.

Raj Kumar Makkad (Expert)
30 May 2020

I slightly differ with the opinion of some of the experts that the cheaper mode should be applied. Every document/mode has its separate consequences. Gift-deed is a mode which ends all coming disputes.

Rajendra K Goyal (Expert)
31 May 2020

Gift deed would be best if stamp fee in the state stamp fee on gifts to near relative is free.



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