Transfer of property from joint ownership to single ownership

821 votes

The property can be transferred in the name of your wife by Gift deed. This need be compulsorily registered and attracts same stamp duty as in the case of sale deed. Another way is that you may execute a will in favour of your wife, but will takes effect only after the death of testator and during his lifetime he can change it too. Will should also be registered for safety.

LawRato LawRato

847 votes

Please tell where is the property located. Is there any loan against the property, if yes then you have to seek permission of the bank also.

As it being flat, you have to refer to flat buyer agreement in that there will be a transfer clause stating that administrative charges for transfer (which may range from 20-25 %).

To save that amount it is better you make a will.

However, you can a share the ownership by gifting it. But in this case, you will need to get a gift deed executed on a stamp paper and register it at the registrar's office. A gift to a relative is not taxable. However, if you gift the property to a non-relative, the value of the house is treated as income and taxed according to the income tax rules for the relevant year.
The stamp duty is generally 2% of the value of the property, along with 1% registration charge.

Advocate Pragya Wazir LawRato

601 votes

I understand that the property is in joint ownership and you have a registry in favor of your wife and yourself. Then in my opinion, you have to relinquish the title in favour of your wife and stamp duty would be applicable.

Advocate Suchiti Chandra LawRato

557 votes

Hi there.

the commercial property is registered on joint name then your husband has to execute deed of reliqueshment that means giving up his share to you. the same can be registered with the Sub registrar office.

then based on such deed the name can be delete from the share certificate in case is Co-operative Society.

Advocate Utsav Sheth LawRato

365 votes

Say it out loud: You can file a case in Civil Court using the affidavits of another person who is jointly named for release deed. Any lawyer can help you. The cost of such cases varies from lawyer to lawyer. The release deed and the relinquishment can both be executed.

Advocate Chikirsha Mohanty LawRato