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CS Pooja (Company Secretary)     05 June 2009

Transfer of Title

Mr. A has a flat in Mumbai, Maharashtra.

He wants to transfer the same to his wife. (HMA)

Q 1: Whether there will be any stamp duty liable for the said transfer (as it is a gift)…

Q2: If Mr. A makes his wife, a second holder in the property, and retains the first holder rights, will that attract any stamp duty??

 Q3: What are the rights of the second holder??

Q4: In case of sale of the property, does the second holder of the asset have any say???

 



Learning

 5 Replies

Krishnavadan H. Gandhi (Advocate)     05 June 2009

Yes. the stamp duty will be payable. The perfect way of doing the transaction is to execute a gift deed and register the same. It will attract proportionate stamp duty at the rate of 2% of the Market Value of the flat; depending upon the quantum of share gifted. 

If wife's name is addaded witout execution of a Gift deed in the manner aforesaid then in my opinion she will be merely a nominal member of the Society having no right in the Flat.

It is better to join the wife as the confirming party even if  she is a nominal member and no part of consideration is received by her.

In ordinary circumstances a nominal member does not have any say in the matter. 

Adv. K. H. Gandhi   

1 Like

adv. rajeev ( rajoo ) (practicing advocate)     05 June 2009

Pooja, My advise is to go for regd., rights relinquish deed, which is cheap. And further I agree with Gandhi.
1 Like

CS Pooja (Company Secretary)     06 June 2009

Thank you Sirs...for your reply...

V.S.R.Deekshitulu (B.Sc, B.L)     07 June 2009

Miss Pooja

Some times your questions themselves have answers. I am watching u.

If the transfer of property exceeds Rs. 100/- then the same should be necessarily registered as per Sec. 17 of Registration Act.

Then the next question is the husband can gift the propety to his wifereserving life estate in himself and vested reminder to wife. In which case the rights of the husband are very limited and that too for enjoyment of the property. He cannot alienate the same unless the wife  also sign in the document. Wife's rigth comes into existence  after the death of the life estate holder. If both of them want to sell away the property, both of them have to sign the necessary document. what the husband can sell is only his limited right in the property(If there is any buyer of the said right), and the what wife can sell or dispose off is her vested reminder right( which is yet to come into operation)(If there is such a purchaser)

So either the husband or the wife have only a limited right under the deed sugested by you.

Stam duty is always necessary in cases referred to by you. In Andhra in case of setlement of property in between family members the stamp duty is only  3% plus the usual registration charges

I hope your doubt is clarified

a.manoharan (Advocate 94431 45884 advocatemanoharan@gmail.com)     08 June 2009

MISS POOJA , I AGREE WITH MR.V.S.R.DEEKSHITULU'S OPINION


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