on your demise wife will inherit your 50 per cent share in your flat . i presume you have no children
2) you can during your lifetime execute gift deed for your 50 percent share in flat in favour of your wife
Right of wife
I own an apartment in Pune Wakad. It is in my name and co owned by my father. I wanted to understand right of my wife to this apartment. My wish is that my wife gets full right , what an be done to make it happen. My father is completely cooperating.
Asked 2 months ago in Property Law
Religion: Hindu
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11 Answers
Dear Client,
Considering that you wish for your wife to get full rights to the apartment and that your father is fully cooperating, you have various ways. One of the simplest ways to transfer ownership is through a gift deed. You and your father can execute a gift deed in favor of your wife, transferring your respective shares in the apartment to her. Another option is to sell the property to your wife by executing a sale deed in her favour, even if it's for a nominal amount. If the apartment is considered joint family property, you and your father can execute a relinquishment deed to relinquish your respective shares in favor of your wife. You and your father can also prepare a will bequeathing your respective shares in the apartment to your wife. This will take effect after your demise and your father's demise. All of these aforementioned options require drafting, payment of stamp duty and registration at the sub- registrar’s office. Engaging a lawyer can help you navigate through the process. Should you require any further clarification, please do not hesitate to contact us.
You can execute gift deed.
Hi
There are various ways through which transfer can be carried out :
1. Transfer by gift deed by your father in name of your wife
2. Transfer by sale deed by your father for some amount of money
3. Transfer by will by your father
You can mutually decide the course of action and accordingly the document can be drafted.
Thanks
1. As of now, your wife does not have any right in the apartment jointly owned by you and your father, during your lifetime.
2.
Let your father execute a registered Gift Deed in your favour for his share in the property to make you sole owner of the apartment.
3. After you become absolute owner of the property, execute a registered Gift Deed in favour of your wife so that your wife becomes sole and absolute owner of the property.
Thanks for your answers. I have below follow up questions 1. I and my wife are foreign citizens ( Netherlands) with OCI. Hope this is not a constraint for executing gift deed. 2. How much does a gift deed cost ? 3. This property is rented and right now rent Agreements are executed by my father because we are not in India.If we execute this gift deed assume this won't be possible? What are alternatives ? Power of Attorney? and is it possible only for rent agreements ?
Asked 2 months ago
It is not a constraint for executing gift deed for residential property
2) stamp duty would be around 3 per cent or so of market value if your share
3) you can execute POA in favour of rather to execute gift deed
4) POA should be attested before Indian consulate
Dear Client,
As foreign citizens with OCI, you and your wife can execute a gift deed. The stamp duty on a gift deed varies from state to state. In Maharashtra the stamp duty for a gift deed of immovable property gifted to a family member is typically between 2% - 6% subject to worth of the property. The registration fee is also a percentage of the property value. In Maharashtra, the registration fee for a gift deed is usually around 1% of the property value, subject to a maximum cap. Once the gift deed is executed, the ownership of the property will transfer to your wife. Consequently, she will have the right to execute rental agreements. Since you and your wife are not in India, you can use a Power of Attorney (PoA) to allow your father to manage the property, including executing rental agreements. Should you require any further clarification, please do not hesitate to contact us.
You and your father can transfer the proeprty to your wife's name by executing a registered gift deed so that she will become an absolute owner of the property.
If both you and your wife are not able to come to India for registration of this gift deed then you both can give power of attorney deed to two different close relatives to execute the sale deed on your behalf and to accept the gift deed in her favor.
The transfer of property within blood relations or between family members is very less, you can contact local advocate and get the details.
Subsequent to the transfer your wife as an absolute owner of the property can evict or get a fresh rental agreement with the tenant and she can also authorise a power agent separately in this regard
1. No
2. For costs contact local advocate as costs varies in every state.
3. There is no legal impediment for making gift deed even if there is tenancy agreement. After gift deed your wife ill inform the tenant about her present ownership over the property.
- Since, you and your father is joint owner of the said property , then you both can execute a registered gift deed in her name for making her owner of the property
1. You both can give POA to any relative in India for appearing before the registrar and execution the gift deed on your behalf
- The said POA should be notarized as per rule of Netherland , and attested from the consulate of India.
2. Depend upon the state where the property is located.
3. After becoming the single owner of the property , your wife can give a notice to the said tenant for attorning her owner of the property and to pay the rent to her , and also to enter into a rent agreement afresh.
