property in india

#1 Aug 23rd, 2011, 10:17
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  • bips is offline
#1
I am nri and own a house in india in joint names. Now the person i own this house with decided he does not want to be joint owner with me anymore. So 50 percent money have been given back to him. But his name still appears in the title deeds. How can i remove his name from title deeds? Please help soon. Whats is the best way
#2 Aug 23rd, 2011, 10:21
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#2
Get a property lawyer.
#3 Aug 23rd, 2011, 12:36
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#3
The title deed should have been amended the same time his/her share was settled- and the same reflected in the registration papers.

You can still do it now. I hope you have a sale deed/documents proving that you have paid her/him, and for what, otherwise you are at least partly dependent on their goodwill.

Yeah, get a lawyer so that all the alphabets are dotted or crossed.
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This is computer generated drivel. No signature is required.
#4 Aug 23rd, 2011, 19:20
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thanks capt. for your reply. i am abroad at the moment. so does it mean if i have to prepare a sale deed that will be very expensive. Can he gift his share to me, he is prepared to do that . with sale deed do i have to pay stamp duty and other expenses, that will work out very costly.what will be the best method. we are both in agreement and good terms, we just decided to remove his name from title deeds and he is in agreement of that. Please try to reply in detail Capt. and any other members with knowledge please guide me in right direction, then of course when i am in India i can find a good lawyer.
#5 Aug 23rd, 2011, 19:33
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#5
Err, I am not an expert, far from it- and have never done this kind of thing, so I don't know. You need a lawyer.

But I imagine he can gift it to you, by signing some Release form/papers. I would imagine this normally happens within family- and even then, rarely. Keep in mind Indian income tax authorities can get into the act.
#6 Aug 23rd, 2011, 20:44
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#6

Property in India

Thank you. Property is owned by family brothers. I would like of his name the easiest cheapest way.
1) There is a profit of 25 Lac on this joint property. How much do you I would be taxed. Any suggestion how to avoid? Any loophole.
2) I also OWN ANOTHER PROPERTY in my OWN SOLE NAME in same town. Do you think this will effect while making sale deed for purpose of removing his name. i e CGT, Incometax etc.
3) what about Stamp Duty?
4) can it be done on STAMP PAPER showing/drafting that my brother holds no interest in this joint property thus I would be sole owner in future and there won't be any taxes to be paid.
5) What is 'RELEASE FORM' and if he gifts to me, would I still have to pay some sort of taxes.
'' Remember that I own 2 properties in my name (one with my brother that is in question) so please advice.
#7 Aug 25th, 2011, 21:50
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hello its bips again the thread starter, Any members please kindly try to reply. i will appreciate it
#8 Aug 25th, 2011, 23:44
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#8
You are asking specialist property questions in a travel/culture forum. Frankly, I don't think you are going to get any better answers than the ones you have already.

Unless you have a regular lawyer in India, you are not going to get anywhere with this without spending some time there looking into the possibilities and the costs.

I suspect that the worst thing on this transaction might be the stamp duty. There is, I think, something called a deed of settlement that will be less --- but I think it applies only to family.
#9 Aug 26th, 2011, 02:56
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#9
Quote:
Originally Posted by bips View Post hello its bips again the thread starter, Any members please kindly try to reply. i will appreciate it
If I read your note correctly, you have questions regarding a piece of property with a gain of 2.5 Million, Pound Sterling .. Hiring a good lawyer would be well worth the investment!
#10 Aug 26th, 2011, 16:05
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Quote:
Originally Posted by Nick-H View Post You are asking specialist property questions in a travel/culture forum. Frankly, I don't think you are going to get any better answers than the ones you have already.
I agree. However, keep on bumping the thread (in relevant forums) and search the net extensively. Gather as much info as you can get, even if in bits and pieces. My personal experience is that you cant trust any professional here just because you are hiring the person. You must be well aware too of all the ifs and buts.
If you find my posts confrontationist, please bear, I am an old frustrated guy who has nothing better to do than sit on rocking chair and curse the world whole day
#11 Sep 1st, 2011, 23:40
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#11
Sorry Boston, it is not a profit of 2.5million pounds but it should read as rupees 25lacs.
this house is between family so as Nick said deed of settlement may work. Do i still have to pay stamp duty
if it is settlement deed. or is gift deed better. Any advice will be appreciated. please have patience with me and
inform me.
#12 Sep 2nd, 2011, 00:31
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#12
It isn't a question of patience: it's a question of knowledge.

We aren't lawyers. I don't know about others, but I don't know anything else at all that might help you.

Sorry.
#13 Apr 1st, 2013, 22:11
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#13
please delete this entered twice
Last edited by Mountainview; Apr 2nd, 2013 at 00:15.. Reason: please delete this entered twice
#14 Apr 2nd, 2013, 00:13
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#14

Property in india

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#13 Please let me know the following - these folks live overseas and have all the necessary papers for purchasing they are of indian origin

If a person purchases an apt in india and the exterior structure is all done but alot of interior work like partitions for rooms etc need to be done.

1.Can one still register the property?

2. What if after registration the builder refuses to complete the entire apt

3. Are the rules different in each state of India

4. Can the builder say that one must purchase it as is - after registering

Thank you for your help


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