FORUM
What is the procedure for name change?
The house at Chromepet is registered on my wife's name. For vatsu reasons I was advised to get the house transferred to my name and my son is a minor, aged 16 years. My wife has agreed to the proposal. What is the procedure to get name change without incurring abnormal registration fees?
S.Rajesh, Chennai.
Our panellist, Mr. R.L.Narayanan replies: You can have a settlement deed executed by your wife in your joint names. The cost of registration of the settlement deed is nominal compared to other deeds.
Procedure in acquisition case
I purchased two grounds in Sriperumbudur many years back through a well-known housing and property development agency. The land was registered in my name.
Recently, when I visited the site, I was shocked to find that all the cornerstones for the individual sites were missing and the entire area was overgrown with wild bushes.
When I enquired with the agency that sold the land, I was told that resurveying was being done and we would be notified of the new layout.
On the last occasion, when I pressed for a definitive answer, I was told that the government had acquired the land for one of their projects. What do you advise now? John K Singh, Kartar, (India).
Mr. Narayanan replies: You have to check up with the agency as to whether they are registering a fresh plot in your favour. If not, the stage of acquisition has to be found out.
If the stage of challenging the preliminary notification has lapsed, the prospects of your successfully challenging the acquisition itself are not bright. However, you may be able to participate in an enquiry and seek proper compensation.
The position will be slightly different if you had purchased the property after the acquisition proceedings have commenced and reached a certain stage.
Will gifting of house be taxed?
I am 77 and I have willed my house to my daughter though I have three more sons. But she wants to sell the same now itself. What is the procedure to make a sale deed in favour of her or my son-in-law as GIFT for a nominal amount as compensation to me? In this way I may be able to gift the house as well pay my other sons. Is it allowed to quote a nominal amount (it will be less than the real value of the house) for the gift of the house? In this case what would be the registration charges to be borne by me for registering? Will there be capital gains tax towards the nominal sum which will be far less than my original investment?
Name withheld on request.
Mr. Narayanan replies: You can sell the property at any rate decided by you. However, the stamp duty and registration charges will be computed on guideline value.
Further, capital gains tax will have to be paid at the guideline value irrespective of the amount for which you may sell the property. In my opinion, a settlement in favour of your daughter will be one of the options. We are two sons and two daughters. My mother, who is dead, has about five hectares in her name. My father has also expired. Now my sisters have sold 1.5 hectares of my mother's property without our signatures.
My brother had put a case for a share in that property and was given Rs.25,000. Now they are planning to sell 3.5 hectares for which they have got an advance of Rs.1 lakh and have also got an agreement made. My question:
1. I have a share or not? 2. Elder sister got married before 1972, is she has the rights in that property? 3. Can I settle one-fourth of that property to my son? 4.With brother and my sign that sold the property is it right?
Mr. Narayanan replies: You will normally have a share in the property. She will have a share in the property. Yes. You can execute a deed of settlement in favour of your son in respect of your share. . The property normally cannot be sold without your signature.
Printer friendly
page
Send this article to Friends by
E-Mail
Property Plus
Bangalore
Chennai
Hyderabad
Kochi
Thiruvananthapuram
