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Vj (.)     20 February 2012

Gifting property - sister to brother

Hi All,

Since i had already had self acquired property in my name, Additionally I had purchased 2 adjacent residential sites 10years back, and got it registered in the name of two of my younger sisters. Now I wish to take back half portion of each sites from each sister, leaving remaining portion for them to enjoy(which they agreed with great joy).  I had been suggested to go for gift deed.  Now I have following questions

1. Can i ask both of my sisters to execute gift deed for the both the sites (adjacent to each site , form one single big site) both signing in one single deed. Will such execution ? reduce legal, sub-registrar miscellaneous charges, stamp duty charges? Coz I dont want to maintain two property document for one single large site, two property tax, etc.,  Please advise what are the impact in longterm holding and maitaining the property in terms of legal as well as taxation pupose.


 3 Replies

Nandagopal Rao (Retainer)     20 February 2012

Gift Deed is OK.  But you have to see the local laws governing division of propety.  In the Deed of Gift you have to annex the plan showing the part to be gifted to you, provided partioing of a site is fitting within the local laws governing property division etc.

Vj (.)     23 February 2012

Can anyone advise me applicable law of land (Karnataka)  on my situation

Vj (.)     11 March 2012

Could you please advise, if a settlement deed or a gift deed levied with same stamp duty when executed among younger sister to elder brother...Advise me, which of above deed have provision for my sister to amend the clauses, that his more favourable to me. Coz I heard in the gift deed once executed with present conditions, we have less options to amend the clauses.

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