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How to transfer a property
August 15, 2022A property can be transferred for various purposes and reasons. In order to facilitate such a transfer Indian laws have introduced the following different methods:
1. Sale deed
In a transfer of property, the most important document is the sale deed. A sale deed will contain every detail related to the deal, beginning with the names and addresses of parties involved, the size of the property in question, its build, its location, and access points.
2. Gift deed
This document allows you to gift your assets or transfer ownership without any exchange of money. In case the property in question is an immovable property, a gift deed needs to be registered with the Sub-registrar of the area in which such transfer is taking place. Stamp duty charges are levied on the said transfer. There will not be any tax implications for such a transfer. Also, a gift deed can be challenged in court, but it cannot be revoked. In the case of movable property, a gift deed is important but it need not be registered.
3. Relinquishment Deed
This is the most commonly used method to transfer the property right of a co-owner to another co-owner. Also, it is a good option when it comes to the transfer of one share in a jointly held property. When such a transfer is done, stamp duty charges are levied. This type of deed is revocable and this type of deed does not give any tax benefits. Also, it is important to note that both stamp duty and tax are applicable on the portion of the property that is being relinquished and not on its total value.
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