Legal Question in Real Estate Law in India
Hello,
I am an owner of a residential flat. The other owner of the same flat is my mother. Me and my mother are joint owners of the flat and have an equal share.
Can I execute a settlement deed on my share of the flat in favour of my wife? Wherein I am the settlor of my share of the flat and my wife is the settlee who I want to give the absolute right on my share alone.
Is it a legal requirement that I need to obtain the consent of the other owner (who is my mother) to execute this settlement deed? Please let me know.
3 Answers from Attorneys
in case you are the co owner of the property, you may gift your share of the property in favour of your wife. you also need to pay stamp duty on the gift deed. you do not need any permission from mother in that situation.
You do not need your mother's permission to give away your share. Settlement deed is not a proper way to do this.
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regards
No it is not require but my sincere advise is dont do it else u will be in trouble. U may prepare ur will and made ur wife ur absolute owner. It is due to my experience.
Regards
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