Legal Question in Real Estate Law in India

Need a Legal Consultation regarding property selling to my own brother and please find the case summary:

1) I am selling my own portion of my Father' Flat & my own land to my own brother next month due to need of some urgent money.

2) My father & mother both expired and we are only legal heirs.

3) He is doing a gift deed which I am giving to him for saving the registration fees

4) And the property value which he will be giving to me is Rs 5 Lakh against the 2 property(Flat portion & Land)

5) We have one more property in our mother's name,which is occupied by my aunt from last 20 years and so and she is not vacating the same.

My Need:

a) I want to do one drafting in stamp paper stating that I am giving my portion of the flat and land to my brother against the value of Rs 5 lakh.

b) In the same stamp paper I want to do a drafting that my mothers land which is occupied by my aunt , can't sell the property by my brother & aunt without giving notice & intimation to me and I will be equal share holder of that land as my brother.

c) In future if my brother wants to sell the flat and my land which I am selling to him he needs to inform me first as I can also purchase the same from him,as I am only selling to him due to non available of funds.

Please let me know the correct procedure and charges for doing the same asap.


Asked on 10/27/13, 7:53 am

2 Answers from Attorneys
Fca Prashant Chavan Expert Edge LLP

27.10.2013

Dear Sir / Madam,

You should contact a local lawyer in your vicinity and get the Gift Deed drafted through the lawyer.

Regards,

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Answered on 10/27/13, 8:11 am
Vishwa Arya Arya & Co.

a) I want to do one drafting in stamp paper stating that I am giving my portion of the flat and land to my brother against the value of Rs 5 lakh.

If gift deed is being drafted, then consideration cannot be included in that. Once you include the amount of 5 L in the document it would be considered as a gift deed. the stamp duty in both the cases is same. It is only relinquishment deed that will save the stamp duty but in that case, consideration amount cannot be shown.

b) In the same stamp paper I want to do a drafting that my mothers land which is occupied by my aunt , can't sell the property by my brother & aunt without giving notice & intimation to me and I will be equal share holder of that land as my brother.

In the same stamp paper you cannot do that. you will have to make a seperate writing for that.

c) In future if my brother wants to sell the flat and my land which I am selling to him he needs to inform me first as I can also purchase the same from him,as I am only selling to him due to non available of funds.

It would depend whether the law of Pre-emption is applicable in your state or not.

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Answered on 10/27/13, 7:42 pm


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