Legal Question in Real Estate Law in India
Gift deed & sale deed
We have 2 properties, 1. Earned by grandfather 2. Earned my father.
My father is the only son to my grand father. We are 4 brothers. The first property was transferred to my Elder brother as a ''Gift deed'' around 7 years back. The second property is still on my father's name. To equally distribute the total properties recently we had settlement that the first property will be transferred ''as gift deed'' from my elder brother to the remaining three brothers including me. And my father will transfer 50% of second property to my elder brother as ''Sale deed''. Elder brother don�t want take it as gift deed. My question is
1. My elder brother is willing to take his share as ''sale deed'' though he is not paying single pie to my father. In future can my elder brother have the rights to cancel the ''gift deed'' as this property was originally belongs to grandfather?
2. We are not willing to transfer the property from my elder brother to ourselves as ''sale deed'' as this is very expensive. We all agreed that in the second property remaining 50% will be shared by other 3 persons in future but time being it will be on father�s name to give the security to my parents. What should we do to not to face any legal problems with my elder brother in
3 Answers from Attorneys
Re: Gift deed & sale deed
You may go for a mutual "family settlement" and get the deed registered.
Re: Gift deed & sale deed
1. Possible.
2. Normally, expenses of stamp duty and registration for gift and sale are same.
Compare figures and other related information for a proper decision.
Re: Gift deed & sale deed
1.You can take GPA from your elder brother for no disputes in future.
2.Yes,definitely stamp duty and registration charges are far less than sale registration when compared like Gift deed regn. and stamp duty would normally be not more than 2% of the total valuation,when it was within afamily.Whereas for sale deed stamp duty usually would be 12% approximately and it differs from state to state.
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