Below: Potpourri
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How to transfer the Property?
To transfer immovable property, you must follow formal legal procedures, such as payment of taxes, stamp duty and registration with a local authority. The transfer process for immovable property is strictly governed by the Indian law, with a number of prohibitive reasons, as this is to protect the owners’ rights and the seller’s rights.......
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Property transfer is the process of changing the legal ownership of a property from one entity to another. This is important because only the legal owner has the right to sell, lease, convey, or gift property. The Transfer of Property Act of 1882, Section 5, states that a property may be transferred by a living person to one or more other living persons so this means that the transfer could be between one or more living individuals, corporations or associations either now or in the future.
Property transfer is one of the most important parts of an ownership transaction. If the rules are not properly followed, there are so many ways things can go wrong ranging from fraud to disputes and from bad title to invalid documents. Fortunately, if we break it down into steps, the process can be quite easy. In India we have well defined laws on how property can be transferred from one person to another which are given below.
Types of Property
Movable Property: Tangible objects that are easily movable such as cars, furniture or jewelry.
Immovable Property: Land, houses, flats and buildings which is our primary focus here.
To transfer immovable
property, you must follow formal legal procedures, such as payment of taxes,
stamp duty and registration with a local authority. The transfer process for
immovable property is strictly governed by the Indian law, with a number of prohibitive
reasons, as this is to protect the owners’ rights and the seller’s rights.
One can legally transfer property with a Will, Gift deed and Release deed.
Will:
A Will Deed- it is a
significant paper that will assist you in determining how your assets will be
inherited by your family members after the demise of the person making the
will. You can make a will and transfer your property to whomever you wish to.
It’s easy and simple. It can be made on paper anytime and many times. But the
last will based on the date be considered the final will. The person making the
will needs to sign, along with two witnesses. Handwritten on a paper is also
good enough and better. It’s not necessary to register the will. But it's
better to register in case you foresee any dispute in future. The property will
be transferred only after the death of the property owner.
Will deed is a legal document specifying how a person's assets—including property, bank accounts, and investments—are distributed after their death. It is highly recommended to register this document to ensure its authenticity, though not always legally required, to prevent family disputes and facilitate a smoother transfer of assets.
Key Aspects of a Will Deed:
Testator: The person making
the will, who must be over 18 and of sound mind.
Revocability: A will can be
changed or updated at any time by the testator during their lifetime.
Effectiveness: It only comes
into effect upon the death of the testator.
Witnesses: At least two
witnesses are required to sign the will, who should not be beneficiaries to
avoid conflicts.
Registration: Although not
mandatory in many jurisdictions, registration provides legal security and helps
prevent forgery.
Components of a Valid Will:
Personal Details: Name, age,
address, and signature of the testator.
Asset Details: A clear
inventory of movable and immovable property.
Beneficiaries: Names of
individuals inheriting the assets.
Executor: The person
appointed to carry out the instructions in the will.
Process for Making a Will Deed:
Drafting: Create a written
document outlining the distribution of assets.
Witnessing: Sign the document
in the presence of two witnesses, who also sign it.
Registration: Register the
will at the local sub-registrar’s office.
Gift deed:
Gift deed is a legal document used to voluntarily transfer ownership of movable or immovable property from a donor to a donee without any monetary consideration. It requires mandatory registration under the Registration Act, 1908, payment of stamp duty, and acceptance by the donee during the donor’s lifetime. The person can gift his property to his own relatives or anyone, whomever he wants to. The document must be registered and he will have to pay the stamp duty based on the property valuation.
Unlike a will, a Gift Deed transfers ownership immediately during the owner's lifetime and is generally irrevocable. One cannot role back the decision unless there is a clause in the deed to this effect.
Release deed:
Release deed (or relinquishment deed) is a legal document used to transfer, give up, or renounce a person's rights, title, or interest in a property in favor of another co-owner or legal heir. It is commonly used for family property settlements, often without monetary consideration. Registration is mandatory under Section 17 of the Registration Act, 1908. Release deed stamp duty varies significantly based on state laws and the relationship between parties, typically ranging from a nominal fee of ₹200–₹5,000 for family members to up to 5–6% of the property's market value for non-family members.
The person making the release deed must ensure, that the names to whom the property will be transferred and the others forfeiting their rights are mentioned in the property documents. If the property is to be transferred to a person, others must agree to give up their rights on the property. The deed must be registered and a nominal stamp duty has to be paid.
There are several ways to transfer immovable property in India, each with its own process and implications: Apart from the above, here are some other ways to transfer property
Sale– Transfer of the property for a price
Inheritance– Property goes to legal heirs
Partition– Division between co-owners
Exchange– Swapping of property
The most common way is by a sale, where an
owner sells their property to another person for money. Any sale must be done
by a registered sale deed as per the Transfer of Property Act, 1882.
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Potpourri
Know the Gases!
Fuel & Energy Gases (Hydrocarbons):
CNG - Compressed Natural Gas
PNG - Pipeline Natural Gas
Fuel & Energy Gases (Hydrocarbons):
Natural Gas (Methane): Primary fuel for
heating and electricity.
Liquefied Petroleum Gas (LPG): Propane and
butane used in cooking.
LNG (Liquefied Natural Gas): Super-cooled
gas for transport.
CNG (Compressed Natural Gas): Methane
stored at high pressure for vehicles.
Biogas: Produced from organic waste.
So how did you become a singer?
On coming to the city, I lived in an old
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American Double Standards:
Iraq - it was chemical weapons
Gulf - it's oil
Iran - it is nuclear weapons.
Next is South American countries.
First, it was Venezuela in the name of drugs. The Mexican drug lord was killed,
next is Colombia. Cuba too is on the
list.
What about Pakistan, the hub of terrorism and where Osama Bin Laden was
found & killed. They have nuclear weapons!?
* * *
If America strikes us, we should attack Indian cities like
Delhi and Mumbai: said Abdul Basit, Ex-Pak envoy.
Now, Pak Defence Minister says, we will hit Kolkata if India attacks us.
Day dreaming is good but not to be taken
seriously, unless they don't
want Pakistan on the map.
Donald Trump made an urgent call to
Maharashtra CM.
Trump: Hi Fadnavis my intelligence report says, in Lonavala,
Pune and Satara you daily make a lot of missiles.
We want all of it. I will send JD Vance to
finalize the deal.
Fadnavis: Hare baba, Trump Saheb, you got a wrong report.
Here we don't make missiles but missal. Once you eat it, you
will
know the power. It makes even a tough guy cry!
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