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KIRAN BAXI   06 April 2018

Property matter

I HAVE A RESIDENTIAL FLAT IN MY NAME. ITS A FLAT IN A COOPERATIVE HOUSING SOCIETY WHERE BUILDER HAS ONLY GIVEN A SHARE CERTIFICATE OF THE SOCIETY. NOW I WANT TO TRANSFER 50% SHARE OF THE PROPERTY OWNERSHIP TO MY BROTHER BY WAY OF GIFT. WHAT ARE THE DOCUMENTATION REQUIRED TO BE DONE TO EFFECT THIS AND WHETHRT I NEED TO REGISTER THE GIFT DEED? WHERE AND HOW DO I REGISTER IT? WILL IT INVOLVE CAPITAL GAIN SINCE PART OF THE SHARE IS RELINQUISHED IN FAVOUR OF MY BROTHER, ALTHOUGH BY GIFT"



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 4 Replies

Yusuf Rampurawala   06 April 2018

1. You will need a gift deed to be drafted by a competent lawyer

2.the gift deed has to be stamped and registered. Registration has to be done with the sub-registrar office mandatorily

3.documents required will be your share certificate, the first sale deed between you and builder, your and your brother PAN Cards. If you and your brother have aadhar cards,then take that too (though not compulsorily required but many sub-registrars for strange reasons require it)

4. since its a gift you will not receive any money from your brother and there will not be any capital gains to you

Kumar Doab (FIN)     06 April 2018

Society office is the 1st place to inquire the necessary procedure, modalities, documentation, transfer charges  etc ….

Also get copy of society bye laws framed in accordance with Model Bye Laws/Act applicable in the state..and relate.

For stamp duty charges etc inquire at jurisdictional SRO.

Kumar Doab (FIN)     06 April 2018

Gift of immovable property should be necessarily registered…

Go thru;

TRANSFER OF PROPERTY ACT,1882

CHAPTER VII

OF GIFTS

122. "Gift" defined; "Gift" is the transfer of certain existing movable or immovable property made voluntarily and without consideration, by one person, called the donor, to another, called the donor, and accepted by or on behalf of the donee.

 

Acceptance when to be made-Such acceptance must be made during the lifetime of the donor and while he is still capable of giving.

 

If the donee dies before acceptance, the gift is void.

 

123. Transfer how effected

For the purpose of making a gift of immovable property, the transfer must be effected by a registered instrument signed by or on behalf of the donor, and attested by at least two witnesses.

https://dolr.nic.in/Acts&Rules%5CTransferOfPropertyAct(1882).htm

Kumar Doab (FIN)     06 April 2018

The gift of immovable property received (from relative) may not be necessarily taxable.. Tax matters are decided by govt. Inquire at the date of transaction again.

However upon further sale by donee tax treatment on capital gains earned on sale  applies…

The purchase value by 1st /last owner may be the basis for calculation…

Approach a very able senior LOCAL counsel of unshakable repute and integrity specializing in Local Society rules/laws and Tax matters and having successful track records … and worth his/her salt….

The Local state govt might have waived off/reduced stamp duty/charges in case of transaction between relatives….

The local counsels, SRO would be having exact details..


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