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Transfer of property through will or settlement deed and it's charges
22-Feb-2023 (In Property Law)
My mother has a property in her name, acquired by her, in Chennai ( for which aquisition was announcedd in 2008 in Chennai 2nd masterplan but no notice rec'd so far) and half share of current living flat in Chennai. Apart from that, she has a small plot in Tamilnadu but outside chennai individually ,and one plot, jointly with me, in tamilnadu but outside Chennai.. She wants to transfer them to me. Somebody told that settlement deed is better than will . I have 2 married sisters. Residing outside Tamilnadu. What are charges of settlement deed and how many settlement deed is required. As well as net total charges invollved in this.
Hi as your enquire settlement between mother and daughter The maximum stamp duty payable on the instrument of settlement within the family members is Rs. 25,000/- and the registration charges shall be Rs. 4,000/- in Tamilnadu
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Adv. Raghuraman Balaji
Chennai | 500+ Answers
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Which is better settlement deed or gift deed?
The best option is the Gift Deed as the property transfer from the Donor directly to the Donee occurs during the life of the Donor. Gift Deeds are ideal for avoiding stamp duty. A settlement deed, however, would require that all three children obtain their share of the property.
What is the difference between a settlement deed and a sale deed?
When a property has been sold, a sale deed will be used. Settlement deeds are used to divide property among family members. 11 Sept 2023
What are the conditions for a settlement deed?
The terms of the settlement must be agreed upon by all parties. Free consent should not be influenced by external elements like deception, coercion or deception. Both oral and written agreements can be accepted. All parties must sign the written agreement if it is written.
What are the 2 methods of transfer of property?
There are several ways to transfer ownership: 1) by relinquishment, 2) by sale, 3) by gift; and 4) by mortgage, 5) by lease or 6) by leave and license agreements.
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