Jam (No jobs) 16 September 2012

Gift deed or release deed

Hi, I am planning to get divorce with my wife and my wife suggested that I should gift her share ein the flat which we both own (registered on our name), siging a Gift Deed. and if we do so, what would be the benfit in tax saving I would get?

Is it ok to do so or a Release deed should be signed?

I am very sure that I would get a knowledgible answer from you folks, I am not very good at working on legal docs. So, if you can suggest best plan for us, it would be highly appreciated.

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3 Replies

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 ) 16 September 2012

Gift deed is advisable.Since it is for permanent alimony to your wife and children welfare.The same u can mention in your divorce & Maintenance petition.

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ADVOCATE Prem Joshi (Advocate/ Legal Consultant) 16 September 2012

Ld Rama is right, you can opt for gift deed

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Jam (No jobs) 17 September 2012

Thanks a lot Rama Sir and Joshi Sir, I will go with Gift Deed then and will do the same for my car too. Could you provide more idea on how it would save my tax?