Please prepare Special Power of Attorney of your wife be her attorney for sale,transfer and registration of flat before competent authorities under the law
I have a flat in Mumbai in my and my wife's name. In the sale agreement registered, the shares for the flat have been mentioned as 80 ( my share) :20 ( wife share) If I want to transfer all rights on my name for the purpose of selling the flat in the future, what is the best mode for this? Whether a gift deed duly registered is enough? In a scenario, my wife is not able to come for to registrar office for the property registration during sale, which document will be accepted for a sale in her absence? Also it should be legally acceptable and not result in any issue for the purchase
Please prepare Special Power of Attorney of your wife be her attorney for sale,transfer and registration of flat before competent authorities under the law
Gift deed would attract stamp duty as per circle rates. It is better to get a relinquishment deed executed and registered in your favour in respect of her 20% share. Only registration charges and nominal stamp duty is to be paid.
1. You may transfer your 80% Share in favor of Wife via a proper Stamp Duty (200/-) and Registered (200/-) Gift Deed.
2. After Gift Deed is registered, Wife can register Power of Attorney (POA) document in your favor for purposes of selling her property.
3. AFTER above when Wife wants to sell her 100% and Wife is not able to be present in registrar's office, you can represent her on basis of the Power of Attorney (POA) before the registrar for signing of future Sale Deed.
your wife can execute gift deed in your name
it should be duly stamped and registered
3) after execution of gift deed your wife presence is not necessary at time of execution of sale deed
4) your wife can execute registered POA in your favour
For sale deed wife should be present or need to take court permission she is unable to come to registrar office, so need to make quite claim deed so your wife's share will be transferred on your name.
Many views are divergent and not properly explained. My simple question is which document or documents will transfer my wife's share to me and in the event of the sale of the flat, which will be sufficient for its sale even if she is not present. Obviously, this has to be free from any legal hurdles.
1) registered gift deed is sufficient to protect your interests
2) if wife does not want to execute gift deed for sale of flat her presence is necessary for sale unless she executes registered PIA in favour of family member to execute sale deed
1. Let your wife execute either a Gift Deed or Release Deed in your favour. By executing such a deed by your wife in your favour, you will become sole and absolute owner of the property ( 100% ).
2. Your wife can execute a registered POA in favour of anyone including you, to execute either Gift or Release Deed in your favour, on her behalf in the jurisdictional Sub Registrar's Office.
3. By following the above steps, you will be free from legal hurdles.
Share Certificate.
You need power of attorney executed by your wife to appoint you as her attorney.
This is specific and one single document/documents which would help you to get property transactions done as per law.
Thank you all, For registration of the gift deed, does this need to be done in her presence? How much are the registration charges and other charges? ( for Mumbai)? Similarly, for the POA, what charges will be applicable? I want to understand the cost implications of this process. Since her share is 20% will the charges be pro rata or on the complete value of the property?
1) registration charges are maximum Rs 30000
2) stamp duty on gift deed would be around 2 per cent of market value of her share in property as per ready reckoner rates
3) POA stamp duty should be Rs 500
1. You are welcome. Her physical presence is not required for registration of the Gift Deed in your favour. POA holder will represent her during the time of registration.
2. The Stamp Duty for registration of documents varies from State to State. In Karnataka, the Stamp Duty for registration of Gift Deed is Rs. 5000/- + Registration fee of Rs.1000/- amongst blood relatives and between husband and wife.
SPA Simply requires 1 K registration charges.
Gift deed needs the presence of settler to execute the Gift deed in favor of settlee the beneficiary based on the the percentage of the value of property as per shedule and slot framed by the State and Central Government.
- Yes, you wife should execute a registered Gift deed in your favour .
- If your wife not able to appear before the Registrar, then she can execute the Gift deed after giving SPA/POA in favour of any relative .
- Gift deed cannot be cancelled/revoked without getting a court order , hence it is very much acceptable.
- Further, after having Gift deed , you will become the single owner of the flat , and further can sell the same .
- POA will be given for the purpose of execution of gift deed , hence a nominal stamp duty will be paid , specially when it is given to relative.
Sale through gift deed not valid, she can transfer her share through gift deed without consideration or release deed with consideration or she can give you POA than you can sell the property without her presence.
Her presence will require for registration of deed.
POA is best option, 1000 to 1500rs registration fees.
She may Execute Gift deed or relinqushment deed in your favour. it should be duly stamped and registered.
If she is unable to Come she may execute POA.
Both the Donor and the Donee in the presence of 2 witnesses are required to sign the gift deed.
stamp duty is state subject varies from state to state.
She will have to make a transfer deed to you and thereby that deed will have to be registered. Unless there is registration of that document the shares wont be considered to be transferred as mere notary on a stamp paper will not amount to transferring of your wives share in your favor.
The registration will also validate that the necessary stamp duty has been paid to the government and thus you can further sell the property as the single owner in the future without any hasells.
1. Your wife need to execute relinquishment deed to give up her share from joint property in favour of other co-owner that is you.
2. The relinquishment deed should be duly stamped and registered with sub registrar.
3. If your wife doesn't give up her share and she cannot go to sub registrar for registration of sales deed in favour of buyer then you can take a registered POA from her for selling the property on her behalf.
You first decide that whether you want the property to be on your name or that you want to sell the property?
If you want to sell the property, then you can obtain registered power of attorney deed from her on your behalf and sell the property on her behalf also.
In that event she do not have to come to the registrar's office for executing the registered sale deed in favor of the prospective buyer.
If you are intending to sell the property and not want to retain the same, then you better get a registered POA deed executed by your wife in your favor.
With the support of the said deed, you can execute a registered sale deed in favor of the prospective buyer.
The stamp duty for the value of the property for gift deed can be enquired from the registrar's office.
However the stamp duty for POA shall be one percent in respect immovable property, you may enquire about this also in the same registrar's office or with the deed writer.
The stamp duty for the value of the property for gift deed can be enquired from the registrar's office.
However the stamp duty for POA shall be one percent in respect immovable property, you may enquire about this also in the same registrar's office or with the deed writer.
The stamp duty for the value of the property for gift deed can be enquired from the registrar's office.
However the stamp duty for POA shall be one percent in respect immovable property, you may enquire about this also in the same registrar's office or with the deed writer.