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Joint owner of property now want to give up share how to do it
01-Apr-2023 (In Property Law)
I own a flat jointly with my wife. I like to surrender my ownership right and want give the entire property to my wife. Is any gift deed required ? Or I can give an affidavit surrendering my right. Or any other way to remove my name without paying stamp duty.We are Hindu.
Dear client,
Sorry to state that there is no other way to convey your right in the said property save and except through gift deed or deed of sale. As any property more than value of Rs. 100 can only be transferred or conveyed by registered documents.
Although there is a way through court case but it is lenghty and time consuming but it will serve your purpose.
Sorry to state that there is no other way to convey your right in the said property save and except through gift deed or deed of sale. As any property more than value of Rs. 100 can only be transferred or conveyed by registered documents.
Although there is a way through court case but it is lenghty and time consuming but it will serve your purpose.
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Adv. Vikram Ojha
Kolkata | 200+ Answers
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YesGift deed is required.affidavit surrendering your right will not do, it's legally not correct as I practice in HIGH COURT CALCUTTA. Will always tell you to follow rituous path.You should pay 0.5 % of the total IGR value as stamp duty n at least 1% of the total IGR value to your lawyer with expenses of the concern registry office which is in between 8k-12k depends upon the registry office.Feel free to contact me to do the needful.
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Adv. Rahul Uday Singh
Kolkata | 200+ Answers
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At first you have to tell me the purpose why you want to do the same? For getting any tax benefit or otherwise? Or you want to sell out this property? Or u just want your wife to be the owner of the entire property? If the second and third reason applies simply execute a power of attorney in favour of your wife, giving the power to sell out the property, which is required to be registered but for this stamp duty is Rs 50.
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Adv. Bibaswan Mukherjee
Barasat | 100+ Answers
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No for surrendering your ownership rights in respect of your flat jointly held with your wife registered gift deed is to be executed. There is no other option except this. If you want to transfer the ownership gift deed is a must as it attract lower stamp duty as compared to sale deed.
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Adv. Vivek Poddar
Kolkata | 100+ Answers
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If the property is unencumbered, opt for gifting the same adhering to the due process of law.becoz stamp duty is less in case u gift your share to your wife.please veryfy the rate of stamp duty and registration cost.For further clarifications contact through Lawrato.
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Adv. Goutam Majumder
Kolkata | 200+ Answers
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Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
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