BackAsk Mint Money | Stamp duty needs to be paid on gift, sale or release deeds
Ask Mint Money | Stamp duty needs to be paid on gift, sale or release deeds
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My brother and I want to hold three properties jointly. One property in Andhra Pradesh is registered in my name and the second is in our mother’s name. The third property in Maharashtra is registered in my brother’s name. What documentation is required to register the three properties jointly and where should the deeds be registered?
—I.R. Kanth
With regard to the property situated in Andhra Pradesh, which is registered in your name at present, the following may be done so that you and your brother own the property jointly. Thereafter, the property can be registered jointly:
•You may execute a gift deed in favour of your brother, gifting him a part of the said property.
•Your brother may purchase a part of the property from you, for a consideration, by executing a sale deed reflecting the same.
With regard to the property situated in Andhra Pradesh which is registered in your mother’s name at present, the following may be done:
•Your mother may execute a will bequeathing the said property to you and your brother jointly. However, the property will devolve upon you and your brother only upon her demise.
•Your mother may execute a gift deed, gifting the property to you and your brother.
•You and your brother may purchase the said property together, for a consideration, from your mother, and execute a sale deed reflecting the same.
With regard to the property situated in Maharashtra, which is registered in your brother’s name at present, the following may be done:
•Your brother may execute a gift deed in your favour, gifting you a share in the property.
•You may purchase a share in the said property from your brother, for a consideration, by executing a sale deed reflecting the same.
Stamp duty would need to be paid on the gift deeds, sale deeds or release deeds, as the case may be, as per the laws applicable in Andhra Pradesh and Maharashtra.
Any sale deed, gift deed or release deed that you may execute to carry out your intention of jointly owning the properties with your brother will have to be registered in the office of the sub-registrar of assurances within whose sub-district the whole or some portion of the property to which such document relates is situated. Therefore, each of the documents that are executed will have to be registered separately in the relevant offices of the sub-registrar of assurances in Andhra Pradesh and Maharashtra.
If your mother bequeaths her property to you through a will, the necessary mutations will have to be made in the records of the relevant sub-registrar of assurances in Andhra Pradesh to record you and your brother as the joint owners of that property. Also, registration charges will have to be paid, which vary from state to state.
Shabnum Kajiji is partner, Wadia Ghandy & Co. Advocates, Solicitors and Notaries
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mintmoney@livemint.com
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