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What is the cheapest way to transfer land in wife's name
05-Jun-2023 (In Property Law)
I have bought a land 28 cents in my mother in law's name because I am in abroad at the time of registration. Now I want to transfer only 25 cents to me and my wife's name. But I need My name as well as my Wife's name on the document to get the loan. Which fees are low in registration and stamp duty?. My question is 1. Through Dhana pathiram who can get it, my wife only or in my name also can transfer it. 2. or Gift Settlement deed can possible through both me and my wife's name. 3 or Exchange 7% on the market value of the greater value. 4. or Partition among Non-family members or which is the low cost. Thanks and regards Maheshkumar
Dear Mahesh,
To keep it short,
1) The gift deed or thana pathiram are one and the same. If you going for a settlement the duty will be less. However the gift deed attract little more stamp duty than a settlement deed. A person can gift his/her property to anyone. .2) Your mother-in-law can gift the property to any one as aforesaid. However the settlement can be effected only to the blood relations. 3) About the stamp I don't think sale is required to make a transfer which attracts 7+3% stamp duty. Partition between non family members not possible.
Regards, G.P.VIJAY
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Adv. GP Vijay
Chennai | 25+ Answers
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It is better to go for a settlement deed by your mother in law in favor of your wife . For getting the loan both of you can apply and since the wife is the joint applicant and the property is in her name .
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Adv. G. Asok
Chennai | 100+ Answers
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Dhanapattiram and gift deed are same. Don't confuse. Better way is transfer the land by gift deed. Your mother in law can gift the property to you and your wife jointly out of love and affection as daughter and son in law. Comparatively stamp duty is less for gift deed.
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Adv. Santhosh
Ooty | 50+ Answers
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