Ravi Gupta 24 February 2020

Transfer of title

my mother expired in 2015 living back a property which is a commercial shop along with the registered nomination with the society in in my name and my father's name 50% each respectively, Society transferred the name on the share certificate on the basis of nomination that is 50% each on my name and my father's name, I have three more sisters who are also legal heir of this property, now all my three sisters and my father want to transfer the title of the property on my name, we are planning to execute a registered release date from all for legal heir that is my 3 sisters and my father on my name, but the society says they need a gift deed from my father's name to my name to transfer name on the share certificate of the society, but I cannot afford for gift deed as the stamp duty is very high for commercial property, please suggest what should I do??

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7 Replies

Real Soul.... (LEGAL) 25 February 2020

Dear you need to motivate the society to accept the release deeds.
However you can let your sisters to execute the relinquishment (you would need that in any ways) and let your father register a will deed,but the property will be transferred after the death not during lifetime of your father;That is an option

Adv Haresh Raichura (Advocate on Record) 25 February 2020

Relinquish deed by sisters will also invite stamp duties.

Dr J C Vashista (Advocate) 26 February 2020

Stamp duty differs from State to State, it is not being levied in Delhi.

Dr J C Vashista (Advocate) 26 February 2020

What type of Society is being referred by the author i.e,, Coopertive, RWA or any other?

Be specific and clear in your statement for proper analyses of facts and oblige.

Dr J C Vashista (Advocate) 26 February 2020

Cooperative Society (in any State) has "no" authority to ask for title of the property.

Dr J C Vashista (Advocate) 26 February 2020

It is advisable to consult and engage a local prudent lawyer for better appreciation of facts/ documents, professional guidance and necessary proceeding.

Hemant Agarwal (ha21@rediffmail.com Mumbai : 9820174108) 26 February 2020

1. Father is not the Title-Owner /Holder of the Property and is only a Nominee. Hence Father, legally CANNOT execute any Gift Deed in your favor. Similarly Society has transferred it membership in your & father's favor and not the Title-Ownership of the property, which can be done only thru a Deed of Sale /Gift /Release /Donation /Family Settlement Deed ....

2. All the Residual Legal Heirs of deceased Mother, can mutually & jointly execute a "Release Deed" in favor you, wherein in Mumbai the Stamp Duty is 500/- and Registration Fees is 200/-

3. Point no. 2, is legally Final & irrefutable and shall be binding all the legal heirs as well as others (Society /Bank /Income Tax /Lenders /whosever .... ).

Keep Smiling .... Hemant Agarwal
VISIT: www.chshelpforum.com

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