Raju 18 May 2018

Gifting or transferring property(independent house) to mother/brother

Hi, I have constructed a house in bangalore(north) and presently leaving in that house with father, mother and brother. The property is currently in my name and I still have outstanding loan on this property. To be very clear, i had purchased the site which was directly registered in my name, though the money was given by my father. I had constructed the house on this site by taking loan from bank for which i am still paying EMI. I am currently facing issues with my marriage and my wife has gone off to her parents house along with my 2 year old daughter. I sense that some time in the near future, she may or may not take the legal route. As a precaution, I would like to do one of the following things: 1. Gift my property to my mother or to my brother 2. Transfer my property to my mother or my brother. Would like to know the following: 1. In case of gifting or transfering, do i have to gift or transfer the site and the house seperately? 2. Can i gift or transfer the house when i still have outstanding loan on the house? 3. What is the stamp duty applicable in case of gifting site/house? 4. What is the stamp duty applicable in case of tranferring site/house? Thank you for your advice/suggestion.

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3 Replies

Kumar Doab (FIN) 18 May 2018

The house is buily on site with loan from bank that is not fully re-paid.

The lender may not agree sat all on any act that can alienate the title.

You can very well dispose by a valid WILL.

Preferably register the WILL.

Or repay the debt in full and dispose by gift deed.

Kumar Doab (FIN) 18 May 2018

Which personal law applies in your case?

Or are you all Hindu?

If yes, spouse ( wife as in your case) has NO forced share in other spouse’s self earned/acquired estate/property.

Wife is not a co-parcener in ancestral property of husband.

The money paid by your father is matter of record.

If you have irrefutable written record then you could have entered into agreement with your father and agreeing to repay.

Kumar Doab (FIN) 18 May 2018

If you are having issues then; Approach your own very able senior LOCAL counsel of unshakable repute and integrity specializing in Family matters and having successful track record ….. and worth his/her salt …and discuss in person and even seasoned PIP and proceed in best of your interest..

1st of all find such LOCAL counsels and also become properly informed so that you can defend your interest.

Check at Local Family court, civil courts, HC,SC…………and be properly informed.

Have you, elders from both sides, mediators, well wishers, sharp counsels, shrude negotiators……not tried to save the marriage?

If differences can be creased, and marriage can be saved nothing like IT.

If litigation can be avoided and mater can be resolved amicably and troubled wedlock can be ended by MCD IT is 2nd best option…

If nothing is possible despite all efforts and matter is sure to land up in PS, courts of law and relatives ( Police official) is OP’s side then you need to become properly informed and have your unshakable witnesses and irrefutable evidences and a very able counsel to guide and defend you.