Snoots (n/a) 02 March 2014
JOintly owned apartment where husband is first owner ans wife second owner. As a divorce settlement, husband wants to give up his rights in favour of minor son while wife retains her share of properrty.
what is better? Gift deed or release deed? or does wife become guardian of sons share until he is 18? what are tax implications and stamp duty in Mumbai?
T. Kalaiselvan, Advocate (Advocate) 03 March 2014
Husband himself can be a guardian of the minor son until he attains the age of majority and he can make gift deed in his minor son's favor.
Biswanath Roy (Advocate) 04 March 2014
I agree with the views of Learned Expert Mr.Kalaiselvan,Advocate.
Snoots (n/a) 04 March 2014
Thank you for your inputs.... It is important that I retain my share as i will be giving up my rights towards another jointly held property as part of terms and conditions of the divorce. also when child turns adult he should be able to sell the property with my consent as well
Advocate Ravinder (Advocate/Attorney) 04 March 2014
I agree with kalaiselvan. Your son can sell the property without any hinderance. In A.P. the stamp duty is 1% for gift deed. It differs from state to state. Pl enquire with local sub registrar office.
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