HT Estates - - Front Page - Su­nil Tyagi

I want to buy the ground floor of a two-storeyed build­ing. The en­tire build­ing is jointly owned by three sib­lings. As they are not keen to carry out par­ti­tion of this prop­erty, how should I pro­ceed?

—KS Chaud­hary As you want to pur­chase only a spe­cific por­tion of a joint and un­di­vided prop­erty, i.e. the ground floor, sale deed for the ground floor should be ex­e­cuted in your favour by all three joint own­ers, as in this case each joint owner shall be sell­ing their pro­por­tion­ate un­di­vided share in the ground floor. My rel­a­tive has been al­lot­ted a flat in a project but he does not want to go ahead with the pur­chase. We plan to have the al­lot­ment of his flat trans­ferred in my favour. What are the stamp duty im­pli­ca­tions?

—Kamini Au­lakh No stamp duty is payable on a trans­fer of al­lot­ment of the flat made in your favour by the present al­lot­tee, since no trans­fer of prop­erty has taken place. It is sim­ply a trans­fer of al­lot­ment hav­ing a right to pur­chase the prop­erty in fu­ture, by the present al­lot­tee in your favour. The prop­erty I plan to buy is cur­rently leased by its owner for a term of three years. At the time of ex­e­cut­ing the sale deed, is a fresh lease deed also re­quired to be ex­e­cuted with the same lessee?

—Ra­jan K As the lease deed en­tered into by the cur­rent owner of the prop­erty is sub­sist­ing, a fresh lease deed is not re­quired to be ex­e­cuted be­tween you and the lessee, at the time you pur­chase this prop­erty. This is be­cause no new lease will be cre­ated by virtue of sale of this prop­erty in your favour. How­ever, for con­ve­nience you may ob­tain at­torn­ment of the lease deed, stat­ing that the lessee recog­nises you as the new lessor and that the rent payable for the re­main­ing term in the lease deed shall ac­crue to you.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.