Query. 01/ ..Can transfer of undivided share in immovable property be done through a gift deed to a third person or
02/-transfer of share in immovable property has be done legally by monetary transaction .to a third party.
In response to your query,
Yes, one can transfer undivided share of immovable property through a gift deed to a third person.
Immovable property may be transferred by a gift deed in accordance with Section 122 of the Transfer of Property Act (1882).
With no monetary exchange, a donor (the owner of the property) can transfer ownership of the property to a donee (a friend or relative who isn't necessarily a blood relative) through the use of a gift deed.
However, there are a few requirements that determine whether the gift deed is valid:
1. The property must be given voluntarily by the giver and accepted by the donee (with no outside pressure).
2. The gift agreement is only valid for the donor's lifetime.
3. A donor may only transfer property that they already possess; they may not transfer any property they intend to purchase or will purchase in the future.
Under Muslim law:
This can be done under the Doctrine of Mushaa.
Mushaa is an Arabic word derived from “Saayu’u” meaning “undivided share of a property”. According to Mushaa there are 2 types of property being:
1. Indivisible
2. Divisible
Musha says that a gift of a pert of a thing which is capable of division is not valid unless the said part is divided off first and separated from the property of the donor.
A gift of an indivisible thing is considered valid.
However, there are a few exceptions which are: -
1. Gift to Co-Heirs
2. Gift to share in Zamindari by one of its Co-Heirs
3. Gift of a share in landed company
4. Gift of share in freehold property in commercial town
If someone wants to transfer shares of an immovable property legally by monetary transaction, he/she can do so by the following ways: -
- Mortgage.
- Sale.
- Lease.
- Exchange.
