Different ways to transfer property in India
1. Sale Deed
The most well-known method of moving possessions in India is this one. Executing a SALE DEED may be considered if you retain ownership and might need to sell it entirely for consideration, or sale value. A sale deed or switch deed must be registered, and after it is registered at the office of the sub-registrar, ownership is transferred to the new owner.
2. Gift Deed
A gift is an asset that is received, like cash, a house, shares, jewelry, etc., without any thought or consideration and counts as the “Recipient’s” capital asset. It could take the form of currency, moveable items, or immovable items.
Gift deeds can be utilized if you need to give your possessions to any of your blood relations. According to Section 17 of the Registration Act of 1908, the Gift Deed must be signed in the event of immovable property. This type of transition cannot be avoided. When you give someone property, such as land, it becomes their property, and you are not permitted to transfer ownership or demand payment in cash. It could be a cost-effective method of transferring the object.
3. Release or Relinquishment Deed
If there are several co-owners of the property and one of the co-owners desires to transfer his or her rights inside the property to another co-owner, this might likely be accomplished through the execution of a RELINQUISHMENT DEED. The transfer of property by a relinquishment deed may be for consideration or without consideration, that is, without a transaction of money. Similar to the current act, this changeover cannot be avoided.
4. A settlement or partition deed
While a court order or an order from a neighboring sales authority must be followed, the co-owners of the land complete the partition deed. However, in the case of a settlement deed, the property is owned by a third party and settled for people who have no further interest in the specific property; the inheritor’s share is determined by the wishes of the settler.
The settlement, in a contrast to WILL, is a non-testamentary document that will take effect right away. Will is a testamentary document that will take effect upon the death of its owner. Additionally, a WILL is revocable and may be altered by the testator, but a settlement document cannot be changed.
5. Will or inheritance
You may gain access to land by will deed or inheritance. If someone passes away, the residences are distributed following the Law of Succession. The testator may revoke an inheritance or a WILL at any moment during his or her lifetime. In this manner, the beneficiaries of the WILL receive the ownership rights to a piece of property that take effect as soon as the Testator passes away.
After the testator passes away, anybody claiming by will, deed, or inheritance is no longer permitted to register the land in his name. However, she or he desires to apply to the relevant local civil authority with a copy of the will, Succession Certificate, and death certificate to complete the property transfer process.
Following the death of a landowner, his heirs, including his wife and children, both male and female, married or unmarried, may, per male or female law, obtain the Patta or Khata transferred at the time of the death certificate of the owner with information regarding the transfer of property held by him.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.