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kannan (s/w)     31 March 2010

Stamp duty

Hi

I have a question of property transaction and stamp duty.

 

1.       X bought a land (it was funded by Y). X is a lady and she wanted to return back the land to Y (her brother).  Because of Sale deed stamp charges are more.

a)      Can Y go for settlement deed or is there another way to register the land from X.?

b)      If Y goes for settlement. Will X’s hier or X’s can cancel the settlement Deed.?

c)       Will X’s hier can claim share on this property.?

d)      Can Y dispose the land at his own decision.?



Learning

 5 Replies

Suryanarayana Tangirala (Advocate)     31 March 2010

Yes X an convey by executing a Gift Deed charges of stamp duty and registartion will vary from one  state to another plzz check them, Y cannot sell on his own bcoz X is owner of the property,heirs of X cannot get it cancelled and ask for share,if u have that doubt let the heirs of X be witness to the Gift Deed

kannan (s/w)     31 March 2010

Thanks Suryanarayana for the reply.

one mroe question.

Can X (sister) do settlement deed to Y(brother). and after settlement can Y sell this property without any hassle?

Vinod kashyap (Advocate & Legal advisor)     31 March 2010

X can give power of attorny to y and y will sell it without hassle.

Suryanarayana Tangirala (Advocate)     31 March 2010

Absoultely Y can sell as  it will acquire status of self acquired property after accepting the gift and the same being registered AGPA is suggested by Vinod Kashyap Ji which is also a good option your sister can execute Agreement of sale cum General Power of attorney (AGPA) in your favour if the stamp duty is less( i donno abt the same in your state as it will vary from state to state) as i suggested earlier check out with Subregistrar and choose the deed{ In A.P state where iam from AGPA is charged on par with Sale deed.Gift deed within Family memebers(blood relatives) is less}

kannan (s/w)     01 April 2010

Thanks Mr. Suryanarayana.

 

so settlement is the best choice... ? i dont want to go for AGPA.


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