Dear Sir My father has passed away and also my mother We are four Sibling ( 3 Sisters and Myself). We have a house in my fathers name. I am trying settle my Sisters and like to take the full ownership of the house Trying to know the options I have in Tamil Nadu along with expenditure and fees I live in Ambur Vellore Dist TN
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The sisters have a share in the property. Either have a family arrangement and put it on stamp paper pay adequate stamp duty and register the document and tge property may be divided accordingly.
If they don't want the share take an NOC from them and file a declaratory suit and file NOC along with it. The court will issue a declaratory decree in your favour.
Thank you Sir Can they rather gift me using Gift deed?. The properties actual value is 65 Lakh. But Per guideline it will be around 14 lakh. I will be settling per the actual value which will be 39 Lakh. Which means stamp duty will be around 3 lakh. Overall goal is the get best deal at the least cost as this is family internal and its ancestral property
That is also an option. A gift deed must be executed by all of you. The sisters may gift you their share of the property.
You may have to talk to your sisters to give away their share in the property to you without taking any consideration amount from you, if they agree for that then you can ask them to execute a joint registered release deed relinquishing their rights inthe property in your favor.
If they do not agree for your proposal then you have no option than to settle an amount equal to their share in the property as per market value or a value lower than that by negotiation.
Since it is co-shared property by all the legal heirs, the option before you is to get the property transferred to your name by your siblings executing a registered release deed relinquishing their rights in the property.
The stamp duty has to be paid as per the guidelines value of the property.
The gift deed also will involve the same stamp duty, but it wold not be applicable i this situation because they have not acquired their share in the property with demarcation hence gift deed is not possible on the undivided share in the property.
Your sisters can execute gift deed for their one third share in property
it should be duly stamped and registered
Gift deed is best option
if you are paying them consideration then registered sale deed can be executed by sisters for their share in property
1. Your sisters are free to execute a gift deed in your favour.
2. So far as the stamp duty part of your query is concerned this can be answered by only a local/state based lawyer as local laws are involved.
- You can do gift deed but it happens once they get their share.
- Instead of Gift deed, you go for release deed. They will release (relinquish) their rights to you.
- Since its in relationship hence fees will be very minimal.
Yes, gift deed is a viable option and with this, you will gain complete ownership upon the house.
Thereupon, you may also get your name mutated against the name of your parents in the revenue records,.
No need to go with gift deed instead you can go with relinquish deed after registration of all legal heirs name on property.
And after registering relinquish deed the said property will transfer on your name. In this case you don't have to pay stamp duty only registration charges.
Dear Sir,
1) If consideration is being paid to the sisters, all of you can execute a registered family settlement deed. Or a registered sale deed.
2) If no consideration is being made, then the sisters can execute a release deed in your favour.
3) The stamp duty charges on registering a gift deed are higher, as compared to a relinquishment deed. The stamp duty will depend on the state laws.
Thank you
- As per law , after the death of your parents , the property would be devolved upon four siblings,
- However, a female will get half of the male share
- It means that your sisters will get from the half of the share in the property.
- Yes, they can transfer their respective share by way of Relinquishment or gift deed in your favour.
