Nikhil 24 March 2023

Property name transfer

My sister owns a flat in Chennai and wants to transfer the ownership to me(her brother). I checked with one of the property agents here, he mentioned a settlement deed will be suffice to transfer the ownership. Can anyone please guide if a settlement deed will be sufficient or should we register a gift deed?

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Quick Summary

This discussion explores the best way to transfer property ownership from a sister to her brother in Chennai. While a settlement deed might seem sufficient, the consensus leans towards a gift deed. A gift deed is generally recommended for blood relations as it incurs significantly less stamp duty compared to a settlement deed, which often requires stamp duty on the full market value and implies a form of settlement or exchange.

5 Replies

Shashi Dhara 24 March 2023

In lok Adalat compromise .

Real Soul.... (LEGAL) 24 March 2023

She can make a gift deed, However in the settlement deed you have to settle the property against something.

Advocate Bhartesh goyal (advocate) 24 March 2023

Get executed registered gift deed.

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 24 March 2023

Gift deed is good. In settlement deed, you have to pay stamp duty on market value of your property. However, in a gift deed can be executed for your own family i.e in blood relation i.e son , daughter, brother sister etc . very less stamp duty is chargeable