I have a flat on my name in Bangalore, just wanted to check what is the process of adding spouse name in the property title, the process, paperwork and associated cost
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  • Originally Posted by MANOJa
    Government is pretty strict, since this is a matter of co -ownership . As i said, currently there is no other means to do the same .


    Also, Settlement Deed involves quite less % of stamp duty than the stamp duty applicable for registration .



    stamp duty and registration are independent of each other. Stamp duty is a kind of tax levied by the government, payment of stamp duty makes any document admissible as evidence in any court of law whereas registration is
    a) By Registration of transaction of immovable property will become permanent public record. This is a notice to the general public. Those getting transfer of property should verify whether such property has been previously encumbered. (b) According to Transfer of Property Act right, title or interest can be acquired only if the deed is registered.
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  • excelant bazoomistry do you have any solution for the problem above discursed
    .
    How to add Co-Owner Ship, And How to remove Co-Ownership, for a allready registered property, do stamp duty and registeration charges apply or there is some other leagal shortcut
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  • I need some advise on the following:

    I have a flat, in possession, in gurgaon and which is in joint name of self & my wife but I make all the payments towards the home loan. and would like to transfer my share of the property to my wife with immediate effect. I would also like to request the best way forward and any costs (stamp duty) etc involved in the same.

    PS:I have heard that gift / relinquishment deed are not foolproof ways of transferring your share as they can be challenged anytime in the courts.

    Request an early response by the legal luminaries / senior members of IREF.
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  • Originally Posted by grassik
    I need some advise on the following:

    I have a flat, in possession, in gurgaon and which is in joint name of self & my wife but I make all the payments towards the home loan. and would like to transfer my share of the property to my wife with immediate effect. I would also like to request the best way forward and any costs (stamp duty) etc involved in the same.

    PS:I have heard that gift / relinquishment deed are not foolproof ways of transferring your share as they can be challenged anytime in the courts.

    Request an early response by the legal luminaries / senior members of IREF.



    Has the registration been done ? From the above, it seems likely so .

    If no, u may approach the Builder & he would ask u for some affidavits & u can get the needful done . If registration has been done already, Gift Deed & Family Settlement r 2 viable options . If u go for Family settlement ( cheaper than Gift deed ), do take an NOC from all other members of the family .
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  • Manoj bhai, appreciate your response.

    Registration is already done. So, some queries:

    -the family settlement will be signed by all family members - 01 major son (23 years) and other minor son (17 years)
    -do we have to register the settlement with the sub registrar or in any courts.
    -will the wife be able to sell the property at her own free will
    -settlement will be made on non-judicial stamp paper or plain paper
    -with this family settlement in place, can the wife register the other half of the share in her name with immediate effect.

    kindly advise.
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  • Originally Posted by grassik
    Manoj bhai, appreciate your response.

    Registration is already done. So, some queries:

    -the family settlement will be signed by all family members - 01 major son (23 years) and other minor son (17 years)

    Yes . Always advisable to avoid disputes .

    -do we have to register the settlement with the sub registrar or in any courts.

    Yes .

    -will the wife be able to sell the property at her own free will

    Yes .

    -settlement will be made on non-judicial stamp paper or plain paper

    It has to be on non-judicial stamp paper .

    -with this family settlement in place, can the wife register the other half of the share in her name with immediate effect.

    Yes .

    kindly advise.




    Go through this & it should answer all your queries -

    Property disputes: Family settlement better option than approaching a court - Economic Times
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  • Originally Posted by MANOJa
    Go through this & it should answer all your queries -

    Property disputes: Family settlement better option than approaching a court - Economic Times

    Thank you Manoj bhai...
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  • Here is one sample Deed of Family settlement . Use it as a reference only . I have seen much better Deeds than this one & if i am able to find a good one, i would post it in this thread -


    http://revenueharyana.gov.in/html/Registration_of_documents/FamilySettlement.pdf
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  • i hope your doubts are cleared by MANOJA he has given a clear information
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  • Originally Posted by MANOJa
    Here is one sample Deed of Family settlement . Use it as a reference only . I have seen much better Deeds than this one & if i am able to find a good one, i would post it in this thread -


    http://revenueharyana.gov.in/html/Registration_of_documents/FamilySettlement.pdf

    Thankss Manoj bhai, appreciate your help.
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  • Originally Posted by grassik
    Thankss Manoj bhai, appreciate your help.



    U r welcome & i should have a decent sample Deed of Family settlement in a day or 2 . Would post, as soon as i have it .
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  • Sure! Manoj bhai.....will await the same.
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  • Adding Co-owner to property

    My wife had purchased a house in Chennai before our marriage and is currently paying EMI.

    I would like to transfer / become co-borrower to the housing loan to avail better tax benefits than her.

    I am aware that one needs to be an owner / co-owner of the house to avail tax benefits. What are the costs involved in adding my name as "Co-owner" to the property? Is there any other legal so that I can avail tax benefits for the housing loan interest (instead of my wife).

    Thanks in advance to all the legal / real estate experts.
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