Legal Question in Family Law in India
Hi,
I am a resident of Hyderabad and own a House there which I built in 1995. My younger son stays in Chennai and I have been living with him for the last 4 years. I now want to do a family settlement for the property I own in Hyderabad. I want to execute the settlement deed in Chennai. I would like to know if this possible. Also is it preferable to execute a Settlement Deed or a Gift Deed. The stamp duty for registering the settlement deed in Hyderabad is 3% of the property value which works out to around 11 lacs but in Chennai it would be only Rs.10,000.. Pl.advise Also if I execute a settlement deed and want to sell the property will the indexation benefit be passed on to the settle's .
Regards,
Vinodh
2 Answers from Attorneys
You may execute the settlement deed at any place and but may need to seek registration where the property is situated.
An unregistered FAMILY SETTLEMENT is also equally valid.
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