Upgrad
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Maneesh Upreti (Principal Consultant)     12 November 2013

Exchange of property

I have a property (2 BHK) in one of the Housing Societies in Navi Mumbai. One of my friends also has a property (3 BHK) in the same society. We are interested in exchanging the properties and I will be paying him the difference. 1. Please advise the law on this 2. What will be the applicable tax / duty 3. Currently both properties are under mortgage to different banks. Is there a procedure by which I can transfer my existing loan on the currently property to my friends property (which will be free from mortgage after I pay him the difference)


Learning

 3 Replies

Rajat Bindal 09917149977 (Advocate)     12 November 2013

Call me on 09917149977 . I have reply to your query.

adv. rajeev ( rajoo ) (practicing advocate)     12 November 2013

Make regd., exchange deed and file an application before the concerned banks to transfer the loan.

BAALASUBRAMANNYAMM (Advocate)     12 November 2013

(1) Prepare "Exchange Deeds" and get it registered in your (individual} favours.

(2) Take permission/approval from the banks. 

(3) you have to bear only nominal stamp duty. 

Advocate Mr. Rajeev has suggested you properly.


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register