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Airoli Estates   29 November 2023

Joint Venture

Scenario:
1. I have joint venture agreement with others. in the agreement it is clearly mentioned that shop no 1 & 2 is my share for the investment made by me.
2. property tax for shop no 1 & 2 is in my name and I pay tax regularly.
3. electric connection for shop 1&2 is in my name and I make regular payment.
4. possession of shop no 1 & 2 is with me.
5. except for JV agreement, there is no sale deed for shop 1&2.

based on the above information, can I transfer shop no 1 & 2, to my adult daughter by gift deed?


Learning

 2 Replies

T. Kalaiselvan, Advocate (Advocate)     30 November 2023

Without a registered title document on your name, you cannot claim onwnership of the shops alotted to you.

The allotment letter or any other form of transfer without involving a registered document will not confer a legally valid and marketable title on you.

Therefore with the defects in title, the proposed transfer of the property in favor of your daughter by a gift deed also will not confer a proper and legally valid title to her.

She too  will  be considered to have a defective title.

 

Dr. J C Vashista (Advocate and Legal Consultant)     30 November 2023

Payment of electricity bill and property tax is an evidence qua possession of the shops but not title, which is in the name of JV, hence you have no right or title to sell the shops.


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