Saibal Chakraborty
Asked December 14, 2016

Sale of share

  • 6 Answers
  • 1181 Views

i live in murshidabad(west bengal),my aunty , who lives in kolkata , is a share holder of our house , she wants to sale her share to me , but due to her age she is unable to come in murshidabad , can she give power ? what is the process? or any another way to sale the property , pl send me the answer.

Answers 6

Your aunt can execute a special power of attorney in favour of a third party (assuming that you also have a share in the house) where the third party will be granted a specific right to sell the property on her behalf and also do related work such as signing of sale agreement and registration. Please note that this special power of attorney will be registered. 

Agree Comment 0 Agrees almost 4 years ago

You can get a GPA in your name, for which you will have to travel to Kollkata. It will be advisable to take the assistance of a local lawyer there.

Agree Comment 0 Agrees almost 4 years ago

Power of Attorney of aunt be taken in the name of you or any person of the family of aunty then after you can make sale deed in the name of as you wish

Agree Comment 0 Agrees almost 4 years ago

As per prevailing law to sell property special power of attorney is required to be executed in favor of blood relatives and than execute release deed in your favour.

Agree Comment 0 Agrees almost 4 years ago

If you are wants to take shre on your self name then  your aunty has make will deed on your name any where in india there is no need to travel and stamp duty 

Upon will deed you have save money and time 

Agree Comment 0 Agrees almost 4 years ago

Section 44 of the Transfer of Property Act, 1882, deals with transfers by one co-owner. It also deals with the rights of a transferee in this type of a transaction.  

This section of Transfer of Property Act deals with rights and liabilities of a transferee from a co-owner, as to the enjoyment of the property transferred ( should be immovable for this section). The first part of the section merely incorporates the principle that a person who takes transfer from another, steps into the shoes of his transferor, and is clothed with all the rights and becomes subject to all the liabilities of his transferor. In short, we can say that he becomes as much a co-owner as his transferor was before the transfer. The second part of the provision provides an exception to the general rule stated in the first part and is based on convenience. It is designed to prevent an outsider from forcing his way into a dwelling house in which other members of the transferors family have a right to live.

 

Section 7 of the Transfer of Property Act, 1882 provides that every person competent to contract i.e. a major and of sound mind or is not disqualified by law for contracting. Therefore even the interest of a co-owner or co-sharer can be sold, mortgaged, leased to another co-sharer or to a stranger.

She could transfer the share in the following ways-

  • A gift of immovable property should be in accordance with section 122 of the Transfer of Property Act, 1882. For the gift to be valid, the transfer must be effected by a registered and stamped instrument signed by you, accepted by your brother and attested by at least two witnesses. Stamp duty would have to be paid on the deed of gift prior to its execution, as per the relevant laws of the state where the property is situated and where the deed of gift is executed. In some states, the stamp duty is lower in the case of gift to a close relative.. However, stamp duty differs from state to state, so please check the stamp duty implications with your local lawyer. Further, the gift deed would need to be registered within a period of four months from the date of execution as per the applicable provisions of the Registration Act, 1908, with the applicable sub-registrar of assurances since the subject matter of the gift deed would be immovable property. Depending upon the state in which the property is situated, applicable registration charges will also have to be paid at the time of registering the gift deed.
  • Relinquishment of right is referred to as the surrender of one’s ownership rights and claims in a property in favor of another person. It is not defined under Transfer of Property Act, but is an established practice. Relinquishment of right is not without any consideration, the consideration may be in the form of money, exchange of property or arrangement between family members. Relinquishment of right in immovable property also needs to be done  through a written document called “Deed of Relinquishment” which must be signed by all the parties, witnessed by two witnesses and must be registered. Unlike gift, relinquishment does not enjoy tax benefits and is taxed for capital gains. This is to be done under Section 17 of the Indian Registration Act and Section 35 of Transfer of Property Act.
  •  

    Since the property is registered in Kolkata, I believe you have to call her in Kolkata for completion of procedures. However, if land department in your state follows online means for such procedures, as is done in Maharashtra, this may be allowed. You have to confirm this by visiting their office.

    Agree Comment 0 Agrees almost 4 years ago

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