Hi,
The land transfer process is just the same as any other immovable property transfer. If you are looking for ways to transfer your land, you have five legal options: sale deed, gift deed, relinquishment deed, will and partition deed. I will explain all five of them to you.
Sale deed: It is the method that is most frequently used when we sell our property in exchange for money. A sale deed, often referred to as a transfer deed, must be recorded at the sub-registrar's office before the property is transferred to the new owner. It's not necessary for the buyer to be related to you.
Gift deed: You can give away both movable and immovable property using this deed without having to exchange it for cash. All you need to do to give away any immovable property is draft a deed on stamp paper, have it witnessed by two people, and register it with the registrar's office. According to Section 17 of the Registration Act of 1908, any transfer of immovable property must be registered in order to be lawful. However, it's not necessary to register to give away movable items like diamonds or a car. The beneficiary is the legal owner once the gift deed has been transferred, and it is irrevocable.
Relinquishment deed: The best option if you want to give up your own interests in a property as a co-owner is to use a relinquishment deed. The transfer is final, even if there is no exchange of money, much like a gift deed. It must be recorded and witnessed by two people. Regarding stamp duty, there are no discounts or tax advantages for relatives.
Will: You can transfer property through a will as well. However, this won't happen until after the person who is writing the will has passed away. Taxes are not due from the person who inherits property through a will. Any number of times during the lifetime of the individual creating the will may be revoked or replaced.
To complete the property transfer process after a person's passing, the successor must submit an application to the relevant civil authorities together with a copy of the will, succession certificate, and death certificate.
Partition Deed: Another method of transferring property ownership from one person to another is by a partition deed. It is applicable to jointly owned properties. However, this is done to divide the property and properly identify each person's portion. To be effective, it must be registered.
I hope now you understand how to do a land transfer.
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HOW TO DO LAND TRANSFER?
NITIN SHAH
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2 Year
2023-03-19T21:56:23+00:00 2023-03-19T21:56:24+00:00Comment
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