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Rules of transfer of property from joint ownership to single ownership
20-Sep-2023 (In Civil Law)
Hi, I own a flat in Mathura which is registered in my and my brother's name. I am the 1st applicant and my brother is the 2nd applicant. my brother wants to transfer their share of property to me. How can he do this ? Will gift deed or deed of relinquish be sufficient or any other modality. Further will it involve stamp duty fee?
Property is in joint ownership and you have a registry in favor of your brother and yourself.The property can be transferred by your brother to you by Gift deed. However usual stamp fees will have to be paid.
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Adv. Rajeev Kumar Mishra
Allahabad | 25+ Answers
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Your brother have to execute gift deed in your favour through a gift deed has to be stamped and registered, Since transfer is being made in favour of brother you will have to pay 2% stamp duty on market value of property. further you have to pay
1 per cent of market value or maximum Rs 30,000 as registration charges whichever is less, this is the only way by which this transfer can be made .
1 per cent of market value or maximum Rs 30,000 as registration charges whichever is less, this is the only way by which this transfer can be made .
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Adv. Vishal Talwar
Allahabad | 25+ Answers
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