LAW BOOK

HT Estates - - Property & To-let Classifieds - Su­nil Tyagi

I own a DDA flat in Delhi which I pur­chased in 1994 and am the first GPA holder. Since I have been liv­ing abroad for many years, I have been un­able to ap­ply for the flat’s con­ver­sion to free­hold. What will be the im­pact of the lat­est Supreme Court rul­ing on GPA sales on my own­er­ship?

—Kuldeep Singh, US In the case of Su­raj Lamp and In­dus­tries Pri­vate Limited vs State of Haryana and Another, the Hon’ble Supreme Court has clar­i­fied that those who have al­ready pur­chased a prop­erty on power of at­tor­ney ba­sis, may still ap­ply for reg­u­lar­i­sa­tion of their al­lot­ment/lease with the rel­e­vant de­vel­op­ment author­ity on the ba­sis of their doc­u­ments (ie power of at­tor­ney, agree­ment to sell, will). I and my wife jointly own a flat which is also reg­is­tered in both our names. I now wish to give my un­di­vided share of the prop­erty to my wife out of nat­u­ral love, with­out any mon­e­tary con­sid­er­a­tion. What is the most cost ef­fec­tive pro­ce­dure which will au­tho­rise her to be sole owner of this prop­erty?

—Jee­wan If you wish that your wife be­comes sole owner of this prop­erty dur­ing your life­time, you may ex­e­cute a gift deed of your un­di­vided share in the prop­erty in your wife’s favour. A gift of im­move­able prop­erty does not in­volve pay­ment of any con­sid­er­a­tion by the donee to the donor. Stamp duty on a gift deed shall be same as that of a con­veyance, for a con­sid­er­a­tion equal to the value of the prop­erty men­tioned in the gift deed, un­der the rel­e­vant state stamp act. It is also manda­tory to get a gift deed reg­is­tered (and pay ap­pro­pri­ate regis­tra­tion fee) with the rel­e­vant sub-reg­is­trar’s of­fice un­der whose ju­ris­dic­tion the prop­erty is si­t­u­ated. Al­ter­na­tively, you may ex­e­cute a will, nam­ing your wife as the sole ben­e­fi­ciary of your un­di­vided share in the prop­erty. Though a will does not in­volve pay­ment of any stamp duty or regis­tra­tion fee, it shall only come into ef­fect upon your demise. I had ex­e­cuted a re­lin­quish­ment deed and other doc­u­ments of my un­di­vided equal share in a DDA flat in favour of my el­der sis­ter as a part of fam­ily set­tle­ment which failed later on. May I re­voke the re­lin­quish­ment deed that I had pre­vi­ously ex­e­cuted?

—M Ahmed Once your rights in the prop­erty have been re­lin­quished by a reg­is­tered re­lin­quish­ment deed, such a doc­u­ment can­not be re­voked at a later stage at your own will.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.