Five Methods For Transferring Property In India
Several legal tools can be used to split movable property. You can learn about these tools with the aid of this guide. Under the guidelines of the Transfer of Property Act, movable property can be transferred from one person to another in India with the aid of five legal documents. You can better grasp these legal documents by using this tutorial.
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Sale
A sale deed is used to transfer ownership of a piece of property from one party to another. The buyer gives something of value to the property seller. For the sale deed to be registered, the buyer is responsible for paying stamp duty & registration fees. The seller is required to pay capital gains tax on the profits made from the sale.
Will
A property’s absolute owner is free to bequeath their possessions in a will. Although it is not required, it is best to register a will to give it legal authority. A will takes effect upon the death of the will-maker, unlike a gift deed. A will-maker is free to modify their document as much as they’d like while still living. There are no taxes due from the person who inherits property through a will.
Gift
A property owner has the right to give away their home via a gift deed. The giver of a gift does not get any financial compensation, unlike a sale deed. To be enforceable, a gift deed must be registered after paying the required stamp duty and registration fee. As soon as a gift deed is signed and sealed, it takes effect.
Relinquishment
Giving away the right to a property through a relinquishment document might transfer a jointly held asset. When a property owner passes away without leaving a will and the legal heirs choose to give up their claim to the property in favour of a co-owner, a relinquishment deed is signed. However, only inherited properties allow for the transfer of rights via a relinquishment deed. For a relinquishment deed to be enforceable, it must be registered.
Partition
A partition deed can be used to divide up a property that is owned jointly. Each member of the group owns their respective portions of the property independently following the partition through a partition deed. A partition deed must be recorded in addition to paying stamp duty and registration costs. Property division, however, is not subject to capital gains taxes.
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