Adding co owner to already purchased property

379 votes

To add a co-owner to a property in India, you must execute and register a new sale deed or gift deed at the sub-registrar's office. This process involves drafting the deed to transfer a portion of the ownership, paying the applicable stamp duty and registration fees, and completing the official registration formalities. Once registered, the new co-owner's rights and responsibilities over the property are legally recognized.

LawRato LawRato

966 votes

Hello Sir/Mam To add a third co-owner to a property, you can create a new deed and register it at the sub-registrar's office. You can contact me over phone call or whats app for further assistance. Thank You Regards Advocate Kuber Hooda

Advocate Kuber Hooda LawRato

669 votes

a new deed must be drafted to add a co-owner, and it must be registered under the Transfer of Property Act at the sub-registrar's office. Either a sale deed or a gift deed..Selling a share of the property to the other person is the first option. By paying the necessary fees, the recipient can utilise this sale document to register as a co-owner of the property. This also needs to be registered at the sub-registrar's office, just like any other sale deed. In most states, the stamp duty rate ranges from 5% to 12% of the value of the property. The registration fee equals 1% of the value of the property. Giving the beneficiary a piece of the property is another option to make them a co-owner. In this case, a gift deed needs to be signed and filed with the sub-registrar's office. At the time of registration, stamp duty and registration fees would be due. Together with a 1% registration fee, stamp duty typically accounts for 2% of the value of the property.

Advocate Neha Gupta LawRato

948 votes

Yes, it is possible to add you as the third co-owner of the property. However, there are a few important considerations regarding the process and potential fees: 1. Execution of a Gift or Transfer Deed: Your father and brother, as the current co-owners, can transfer a share of the property to you through a gift deed or transfer deed. This legal document will formalize your addition as a co-owner. 2. Stamp Duty and Registration Fees: Adding a new owner through a transfer or gift deed typically requires payment of stamp duty and registration fees, which vary by state. The amount depends on the value of the property share being transferred. It's advisable to consult the local sub-registrar office or a property lawyer to understand the specific costs. 3. Capital Gains Tax: If the transfer is executed as a gift deed (assuming it is from family members), it generally does not attract capital gains tax for the original owners. However, if it is done through a sale or another transfer arrangement, there could be capital gains implications for the existing owners, depending on the transfer value and conditions. 4. Update in Land Records: Once the deed is registered, it is essential to update the property records with the local revenue office or municipal body to reflect the change in ownership. It’s recommended to seek the assistance of a property lawyer or legal expert to handle the legal formalities smoothly and ensure compliance with state-specific regulations regarding stamp duty and taxes. Adv. Mahinder Singh Mavi

Advocate Mahinder Singh LawRato

510 votes

Yes it's possible. No additional stamp duty is required in blood relationship transfer of property share. No capital gain tax implications for existing owners. Feel free to contact me for any assistance

Advocate Vikas Sangwan LawRato

700 votes

Hi! No, it’s a very small process. In this scenario, you can get a transfer in blood relation deed since you all are one family and mention that your father and brother are transferring x% of their respective share in property to you, thereby making the three of you equal owners.

Advocate Manjeet Yadav LawRato