In India, property transfer has been an issue that you have to be aware especially about its transfer procedure. It is a mandatory so that your properties will not be caught by ‘benami’ ownership. It is clear that the property might have a clear ownership in your name. This transfer might be necessary since the asset should be in your name.
Transfer is Necessary
To avoid any fraud, this might be also sent to someone who also has clear title on ownership. Even though there is a fraud happens, there should be any clarity on title to solve the problem. It makes you can reclaim the asset for you. If the previous owner has passed away and the asset is inherited for you, you need to inform this as soon as possible to get the legal access.
Ways the Transfer Take Place
In India, the war of transfer takes place might be different. The transfer can happen for example someone gives the asset with natural succession applicable for you but it is without the attendance of the giver. It is legally inherited whereby the heirs under the law itself in India.
- If the giver is still alive, this transfer can be still done by giving it to you as a Gift deed.
- The transfer might take place by buying and selling procedure under a registered sale deed.
- There is a difference between gift deed and the registered sale deed. The money that is obtained from a gift deed should not be reflected. Meanwhile, it should be reflected if it is a registered sale deed. The money will show that the ownership has been exchanged.
- When you become the receiver, there must be a lawyer that tells you to check all title deeds are in your favor. It will also include the revenue records and the mutations.
- In a Gift deed, the transfer will not require any exchange of money as it is the transferring of immovable asset. Usually, it will be referred to any relatives or friends. However, the Gift deed should be registered to make it active and legal.
The Process of Registration
The registration process in case of transferring property in India might require some costs and a payment of stamp duty for sure. The amount of costs will depend on the valuation percentage. Moreover the rate will be varying from a state to another one. It happens only when you already make the registration of the Gift deed. After that you might apply the mutation itself for the property.
- The mutation is important for any counts. It should be registered also as it is the advice from our legal experts.
- The legal process includes any lawyer and cannot only be simplified by the words and simple paper of declaration. It requires proper legal advice and law process.
- With our lawyer, at least the NRIs overseas have trusted representative in legal system especially if the transfer happens in Punjab, Gujarat, and Delhi. It is a trusted third party to aid your business in transferring property in India.