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Avtaar Avtaar (ABC)     02 November 2013

How to transfer assets

How immovable property is transferred in case of a DMC.  Relinquishment attracts same duty as sale deed. However, gift deed attracts less duty. 

As per one school of thought, gift can only be made out of natural love and affection.  However, there's one more school of thought which says that Transfer of Property act does not contain a requirement of natural love and affection.

Can somebody please guide.


 3 Replies

BAALASUBRAMANNYAMM (Advocate)     02 November 2013

Only "Gift Deed" attracts less stamp duty in all ways. And it is also a  legally valid document. 

Avtaar Avtaar (ABC)     02 November 2013

Thanks Baala.

As mentioned in my post, since there's no natural love and affection, will gift be valid in those circumstances and not be challenged? 

Also pls suggest can Court go into the settlement already done (or distribution of assets) before filing for DMC while terms of settlement is also appended to the petition for DMC.

T. Kalaiselvan, Advocate (Advocate)     02 November 2013

The courts after hearing both the sides can interfere in the settlement or related transaction if need be, you cannot question the court about it. Thegift deeds can be made on certain conditions too which if not fulfilled, the deed may be revoked.

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