Stamp responsibility payable on deeds for reward, launch and switch

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My husband and I keep in a home in Hyderabad that belonged to my husband’s father. His father died 10 years in the past. My husband alongside together with his sister are the authorized heirs to the property. His sister doesn’t need her a part of the property. Simply in case, there are some points sooner or later, how can the property be transferred in my husband’s identify?

—Rimjhim

Whereas answering this question, we’re assuming that your father-in-law died intestate (with out leaving his will) and that your father-in-law was a Hindu and was ruled by the provisions of the Hindu Succession Act, 1956, on the date of his demise. We’re additionally assuming that your husband and his sister are the one surviving class I heirs of your father-in-law on the date of his demise. Additional, we’re assuming that in accordance with the provisions of the mentioned Act (since your husband and your sister-in-law are the one surviving class I heirs), your husband and your sister-in-law are at current the joint homeowners of the home to the exclusion of any third particular person.

One of many following acts could also be performed to have the mentioned home, which is at current within the joint names of your husband and your sister-in-law, transferred solely to your husband’s identify:

1) Your sister-in-law might execute a present deed in favour of your husband, gifting him her share/curiosity within the mentioned home inherited by her on their father’s demise;

2) Your sister-in-law might execute a launch deed in favour of your husband, releasing her share/curiosity within the mentioned home, inherited by her on their father’s demise.

3) Your husband might buy your sister-in-law’s share/curiosity within the mentioned home from her by executing a deed of switch and on the cost of consideration for a similar.

It’s to be famous that no sale can happen or no deed of switch may be executed with out cost of consideration by your husband to his sister.

Do not forget that stamp responsibility is payable on reward deeds, launch deeds and deeds of switch. Thus stamp responsibility shall be payable on any the aforementioned paperwork that could be executed by your sister-in-law to switch her curiosity/share within the mentioned home in favour of your husband. The mentioned paperwork shall be stamped in accordance with the provisions of the Indian Stamp Act relevant in Andhra Pradesh.

Additional, it’s to be famous that as laid down in part 17 of the Registration Act, 1908, reward deeds, launch deeds and deeds of switch are all compulsorily registerable paperwork. Thus, on execution of any of the aforementioned paperwork, the identical shall be required to be registered with the workplace of the sub-registrar of assurances inside whose sub-district the entire or some portion of the property is located, inside a interval of 4 months from the date of execution of the mentioned doc.

Queries and views at mintmoney@livemint.com

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