How To Register A Sale Deed Economically If The Property Has To Be Shared Within The Family?
Question asked by Mr. Vasu Srinivas :
Dear Madam, My father had 200 square yard of land in his name. He expired in 1995 without any will. My mother also had 200 square yard of land in her name which is adjacent to my father’s land. My father had constructed a house in the combined land of 400 square yard with common roof but the houses are quite identical & are symmetric in nature. The house in my father’s land is in his name and that of my mother’s was in her name. I am having one sister who was married in 1995.
I am also married and had one son aged 5 years. Myself & my sister want to share the property equally in such a way that my fathers land and house will be in my favor (or my son) and that of my mother’s land & house will be in favor of my sister.
Kindly note that my mother is still alive and she doesn’t want any share in the above property.
Since the sale deed registration charges are quite high, is there any other method to do the above job economically?Kindly guide me in this matter.
Yours faithfully
Srinivas
Vatsala Answers:
Your father’s share has already passed by inheritance (if he had died without leaving a will) in equal shares to yourself, your sister and your mother. A release deed can be made by your mother and sister in your favor and registered. This will be economical. Your mother can leave a will bequeathing her half to your sister. If your sister wants the property immediately, your mother can execute a gift deed and get it registered. This will also be economical. Both release and gift deeds within the family have concessional stamp duty. A will can be optionally registered.Vatsala
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