LCI Learning
Master the Art of Contract Drafting & Corporate Legal Work with Adv Navodit Mehra. Register Now!

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Vamsi (SE)     25 May 2012

Gift deed registration time details and additional procedure

Hi All,

 I have following questions related to the gift deed

         My father-in-law registered a commercial property (shop) as a gift-deed against my wife.

1. How long it will take to get ther registered documents?(it's been three weeks till now)

2. Does this require a Municipal authorites involvlement?(what he saying registration of the gift deed is done but need to transfer the property on your name so applied to municipal authorities for transfer.

3.At present shop is occupied by tenant  and he is in rental agreement with my father-in-law. Is that rental agreement is valid?

4.Is my wife required to pay income tax if she sells the property that property?(why I am asking this question, My father-in-law bought this from his income and he paid the income tax).

 

Please suggest.

 

Thanks,

Vamsi

 

 



 2 Replies

A V Vishal (Advocate)     25 May 2012

1. How long it will take to get ther registered documents?(it's been three weeks till now)

Ans. To get the documents from registration office in AP does not take more than 3 days.

2. Does this require a Municipal authorites involvlement?(what he saying registration of the gift deed is done but need to transfer the property on your name so applied to municipal authorities for transfer.

Ans. The transfer has to be intimated to all the concerned departments like municipality, water works, electricity Department etc...

3.At present shop is occupied by tenant and he is in rental agreement with my father-in-law. Is that rental agreement is valid?

Ans. He has to enter a fresh agreement

4.Is my wife required to pay income tax if she sells the property that property?(why I am asking this question, My father-in-law bought this from his income and he paid the income tax).

Ans. Yes upon sale the income on account of sale will attract capital gains.

A V Vishal (Advocate)     25 May 2012

1. How long it will take to get ther registered documents?(it's been three weeks till now)

Ans. To get the documents from registration office in AP does not take more than 3 days.

2. Does this require a Municipal authorites involvlement?(what he saying registration of the gift deed is done but need to transfer the property on your name so applied to municipal authorities for transfer.

Ans. The transfer has to be intimated to all the concerned departments like municipality, water works, electricity Department etc...

3.At present shop is occupied by tenant and he is in rental agreement with my father-in-law. Is that rental agreement is valid?

Ans. He has to enter a fresh agreement

4.Is my wife required to pay income tax if she sells the property that property?(why I am asking this question, My father-in-law bought this from his income and he paid the income tax).

Ans. Yes upon sale the income on account of sale will attract capital gains.


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register