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Can a joint property be gifted.
24-Dec-2023 (In Property Law)
I am a Hindu. Am buying a property. It is jointly held by two brothers. One is Indian. Other had dual citizenship with India and USA. To avoid Income tax he says he will gift his share to his other brother and then sell to me. Is this possible? Can joint property be gifted? Is this right to buy this property?
The joint-owners can mutually transfer their respective rights by way of Gift deed/settlement deed/release deed. In the given case, both are brothers and by virtue of registration act/rules, they can very well relinquish their right. No harm in purchasing such property.
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Jointly owned property can be gifted to the co-sharer if this property was purchased by both of them jointly. If this property was acquired or inherited then the other person can execute a registered release deed relinquishing his rights in favor of the co-sharer. Any kind of transfer of property can be done only by executing a registered document/deed. It is always advisable that a proper legal opinion may be sought from a local lawyer before venturing into the purchase of any immovable property.
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Adv. T Kalaiselvan
Vellore | 400+ Answers
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