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Hindustan Times (Chandigarh) - Estates - - FRONT PAGE - SU­NIL TYAGI

I and my sis­ters jointly in­her­ited a prop­erty in Delhi which was owned by our fa­ther. Now this prop­erty is be­ing re­con­structed by a builder. In the re­con­structed prop­erty, I will own the first floor and my sis­ters will also own one floor each and the builder will also own ground floor and base­ment. How can we reg­is­ter our shares in this re­con­structed prop­erty and not of the builder?

— Sangeeta Puri Once the prop­erty has been re­con­structed, you and your sis­ters may ex­e­cute and reg­is­ter a par­ti­tion deed of this prop­erty with re­spect to your shares (other than builder’s share). This way, you and your sis­ters would be able to reg­is­ter own­er­ship of your re­spec­tive floors. My fa­ther has a res­i­den­tial prop­erty in Delhi. I am the only son of my fa­ther. My fa­ther has taken a home loan for the said prop­erty and the loan is still con­tin­u­ing. There­fore, con­sid­er­ing the present sce­nario can my fa­ther ex­e­cute a gift deed in my favour? Will there be any le­gal is­sues if he goes ahead with gift deed re­gard­ing the said prop­erty? — Benny Shah If a prop­erty is un­der mort­gage for a loan a valid gift deed may only be ex­e­cuted af­ter tak­ing prior per­mis­sion of the lender. We have reg­is­tered a co-op­er­a­tive group hous­ing so­ci­ety un­der The Delhi Co-op­er­a­tive So­ci­eties Act, 2003. Are we manda­to­rily re­quired to open an ac­count ex­clu­sively in a co­op­er­a­tive bank or can we open our ac­count in a na­tion­alised bank to in­vest or de­posit our fund? — Pratik Arora As per the pro­vi­sions of the Delhi Co­op­er­a­tive So­ci­eties Act, 2003, a co­op­er­a­tive so­ci­ety may in­vest or de­posit its fund with co­op­er­a­tive or sched­uled or na­tion­alised bank. There­fore, your hous­ing so­ci­ety may open an ac­count in a na­tion­alised bank as it is not manda­tory for a co­op­er­a­tive so­ci­ety to open an ac­count in a co­op­er­a­tive bank to in­vest or de­posit its fund. How­ever, a co-op­er­a­tive so­ci­ety may in­vest or de­posit its fund in a postal sav­ing bank ac­count also, ie with post of­fice. I live in a flat in Delhi which is owned jointly by me and my wife. As per our un­der­stand­ing, I would like this flat to be solely in her name and there­fore I want to delete my name as joint owner of the flat. Is this pos­si­ble? Will I have to pay stamp duty?

— De­vang Sah If this flat was pur­chased by both jointly, you have two op­tions – you may ei­ther ex­e­cute a gif deed or a trans­fer deed of your un­di­vided share in favour of your wife. A gift deed or a trans­fer deed at­tracts pay­ment of ap­pro­pri­ate stamp duty, as ap­pli­ca­ble in Delhi.

The au­thor is a se­nior part­ner, Zeus Law As­so­ciates, a cor­po­rate com­mer­cial law firm. One of its ar­eas of spe­cial­i­sa­tion is real es­tate trans­ac­tional and lit­i­ga­tion work. If you have any queries, email us at ht­es­tates@hin­dus­tan­times.com

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