Legal Question in Real Estate Law in India
Ancesltral Property
We have ancestral property at Nagpur. Partition require Stamp duty and registration fees which is very higher. Is there any other method by which the property can be partitioned (like family arrangement or family settlement).
Is it require stamp duty for arrangement and settlement. Please reply.
4 Answers from Attorneys
Re: Ancesltral Property
Yes, the ancestral property may be settled by way of a family arrangement or a family settlement. By law, such a document does not require registration and consequently does not require payment of stamp duty.
However, in practical terms, a deed of release and relinquishment in terms of such family settlement/arrangement may be executed and registered. Such release may not attract payment of stamp duty which is applicable to a tansfer document.
Re: Ancesltral Property
A duly stamped and registered Deed of Partition will provide all concerned with marketable title.
Re: Ancesltral Property
Oral family partition does not required any registration as per Supreme Court. You get registered memorandrum of partition. If any members is giving his to any members than you get the release deed registered.
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