LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Savitha (software)     11 January 2021

Flat in joint name- legal issues

Hi All,

I purchased flat 3 years Back, I and my father are joint owners. I am paying the EMI/ Loan Monthly. Father is retired person , Retired 10yrs Back. I am only paying loan amount. i have only done down payment as well. Will there be a problem in the future. Between me and my siblings.

What is the process to get the flat only in my name. My father is ready to give power of attorney to me for this flat. Plz suggest. how can i be the single owner.

 

 

 

 



Learning

 1 Replies

Akshita Kotian   11 June 2021

In this case, as there exist a blood relation between the two of you, your father can transfer the property to you by means of a gift deed. Give deeds are not subject to taxation but they have to be registered and percentage of stamp duty has to be attached to them varying from state to state.

The other option is that your father can execute a Will, but the property will only be transferred after his death. No stamp duty is charged on registration of a will only a normal registration fees. However, registration is not compulsory. The testator can change his will several times during his lifetime using a codicil or any amending document and this may again lead to conflicts between you and your siblings.


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  


Start a New Discussion Unreplied Threads


Post a Suggestion for LCI Team
Post a Legal Query