Vetrivel (Manager) 16 June 2014

Settlement of plot between spouse

To legal experts:

I bought a property (plot) at chennai in 2005 with my own money. As i owned 3 other plots i registered it in my wife's name solely. The area has developed well and so i want to build a house there. My wife is a home maker and she cannot get a loan. I want to register the plot in my name so that i can get a loan and build a house. What is the cheapest way to do this.

Some people suggest to do a settlement deed, some suggest an outright sale, some gift deed etc. My requirement is as below

- I want to own the plot alone

- I want to minimise the cost of the registration back to me ( minimum stamp duty etc )

- I want to own the house after it is built too.

To ensure there are no issues to my legal heirs later.

can some expert advocates respond. Many thanks

R Vetrivel

Reply Follow

1 Replies

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 16 June 2014

Better to transfer on your name. stamp duty as follows.

i) In favour of family members

stamp duty -1% on the market value of the property but not exceeding Rs.10000/- . Registration charges -1% on the market value of the property subject to a maximum of Rs.2000/-. The family member includes father, mother, husband, wife, son, daughter and grand child.

Stamp duty 8% on the market value of the property or GL value whichever is higher. Registration charges 1% on the market value or GL value whichever is higher