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transfer of interest between legal heirs of unpartitioned property
01-Mar-2023 (In Property Law)
30 cents self acquired property of X (hindu, deceased, intestate). wife (Y) and 2 sons (A and B) are the only legal heirs. no partition done. A is in need of funds and wants to sell 5 cents of the undivided property to outsider. B is willing to help with the funds but wants 5 cents from A's interest in the property as consideration.
there is no intention to partition the property.
questions :
1. is a registered family settlement deed wherein the share of A is shown as 5 cents and B's share as 15 cents, along with the consideration paid by B to A, legally valid?
2. if 1. is not adequate, what is the best way to satisfy the conditions?
A deed of release or release deed is a legal document that removes the claim of a person from an immovable property and transfers his/her share to the co-owner. The release deed procedure is executed in the sub-registrar office and both the parties are required to be present for signing it. You can check the format to prepare the release deed.
Stamp duty is also applicable only on the share of the property which a co-owner is going to release and not on the total value of the property. Stamp duty on release deed differs state-wise. For e.g. there is no stamp duty on release deed in Mumbai. You just have to pay Rs 200 as registration charges. A thing to note here is that it cannot be reversed once both the parties sign the agreement.
Stamp duty is also applicable only on the share of the property which a co-owner is going to release and not on the total value of the property. Stamp duty on release deed differs state-wise. For e.g. there is no stamp duty on release deed in Mumbai. You just have to pay Rs 200 as registration charges. A thing to note here is that it cannot be reversed once both the parties sign the agreement.
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Adv. Raghuraman Balaji
Chennai | 500+ 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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