logo logo

I own a property jointly with my sister, which is acquired by both of us out of our own funds. I am aged and my sister is taking care of me as my children have abandoned me. Please inform how I can transfer my share in the property to my sister, without much expenditure in my lifetime?

- by Suresh Sharma, Mandya

There are two ways of transferring the interest, right and title in joint property, Gift and Release. If the gift or release is to family members, concession is provided in the Stamp Duty. But the description of family differs in case of gift and release. The definition of family in case of gift does not include sister. In that case the stamp duty is 8.96 % that is of regular sale. In case of release, the definition of the family includes sister and the stamp duty is Rupees One Thousand only. The registration charges are Rupees Five Hundred only. You may execute a release deed in favour of your sister. The release deed has to be registered.

image

These are all the legal questions answered by Advocate S.Selvakumar in various magazines, in various occasion including realestate reporter monthly.

QUESTIONS

Q:- My father had inherited some ancestral properties from his father. I am the only son of my father. My father has sold the ancestral property when I was minor. The sale proceeds were utilized by my father for his trip to U.S.A. The said sale was done when I was five years old. I have completed 18 years of age on 6/12/2002 and want to assert my claim over the ancestral property. But I was told that I cannot move the court as the limitation of twelve years is over. Please advise, what is the remedy?

Q:- I own a house which is self acquired property purchased out of my earnings. I have two children, a son and daughter. My son is married and is living separately. My daughter is unmarried and is living with me in my house and is taking care of me. I am aged and want that my daughter should get my house but want that the house should be in my possession as long as I am alive. Please advise how to proceed.

Q:- In your August issue, you answered the query of Smt. Kausalya Devi about the devolution of property inherited by a female through her father. I am in similar situation but the property inherited by me is that of my father-in-law. I do not have any children and my husband also expired an year ago. Please advise how my property is devolved?

Q:- Sir, I am a Hindu widow and do not have any children. I have inherited property from my father.  Please inform who will succeed to my inherited property.

Q:- I am a Hindu and have acquired certain immovable properties out of my own income. I do not have any issues. My husband died recently and my parents also expired long back. Please inform who will succeed my acquired property if I do not make a will.