Property Transfer In Blood Relation In Chandigarh

Property Transfer In Blood Relation In Chandigarh – Blood relations are the purest form of relations and affection towards loved ones is immensely high. So, considering this, people love to give gifts to showcase their love towards their children, spouse or their siblings. According to traditional beliefs, great-grandparents, grandparents, or parents think of helping their children by offering financial support in the form of gifting all their valuables or assets they had earned and preserved for all of their life to their children. Older People transfer property not only in the affection but also to secure a safe place for their property by only assigning to the family members. As we all know that many scams keep happening in the country, like a scammer can make a fool of the senior by pretending to be a family member and asking for urgent money or by asking ATM PIN, CVV, etc.

Understanding Property Transfer 

Property Transfer is the process of transferring property as a gift to the loved ones. It is a legal document in which a person transfers their property by their will and not by any external force. The process is very simple in which a legal document is drafted and registered by the sub-registrar’s office after paying stamp and registration fees. Both the donor and recipient will be present with their identity proofs and property documents. Two witnesses will also have to be present at that time to confirm the transfer of ownership.

Gift Deed/Property Transfer in Blood Relation in Chandigarh

Unlike a sales deed, a gift deed doesn’t require any money, i.e. the donor voluntarily gives his property to the recipient. Also, stamp charges in a gift deed is also less than those in a sales deed. A gift deed can include many things, such as cash, jewellery, land, vehicles etc. As everyone knows, Chandigarh for its cleanliness, aesthetics, greenery and urban design, still the stamp duty charges and registration charges during property transfers that are not very high in the city. The stamp duty charges are 6% of the property’s total market value, and registration charges are 1% making a total of 7% , which is not very high. Considering gender equality appropriately, the charges for males and females arethe same.

Factors to keep in mind while property transfer in Chandigarh:

Here are some factors that must be kept in the checklist for both parties involved in the Property Transfer in blood Relation in Chandigarh

•     Choosing the Right Legal Document: Choosing the right legal document is very necessary, like if you want to transfer your property to a person without payment, then choose gift deed, if you want to give your share to the co-owner or heir then consider a relinquishment deed, and if the person is died and expressed his wish of how to distribute his property among family members then consider will.
•     Stamp Duty and Registration Fees: In Chandigarh, there are no stamp duty charges for transfer deed or will, however a regular gift deed includes 5% of the property’s value. For registration fees, 1% of the property’s value is charged for transfer deed or good deed and for a will an amount of 200-400 will be charged.
•     An Important Step Registration: Registration is mandatory at the sub-registrar’s office in a written document to be valid legally. Both donor and recipient must present at sub-registrar’s office with two eyewitnesses for signatures and other legal formalities.
•     Tax Implications: No tax is applied in case of gift deeds, as there is no money involvement in this. Therefore, as blood relations fall into this category, they didn’t have the need to pay the tax.
•     Necessary Documentation: Identity proofs of all the people involved in the process, the donor, the receiver, and the eyewitnesses, will be required.

Issues and Disputes in Blood Relation Property Transfer

Nowadays, People play many tricks in order to grab property from the donors. Even when the proper documentation exists, many allegations can be raised in front of the court like the donor was forced to sign the whole property to one relative or donor was not in the right state of mind when he signed the document. Sometimes signatures are also fake leading to have more issues in family members.

Here are some of the issues and disputes that can occur during a property transfer : 

• Allegations of Coercion
• Questions on Mental Capacity
• Forgery & Fake Signatures
• Misuse of Trust
• Disputes Despite Documentation
• Hidden Motives & Fraud
• Family Conflicts & Breakdowns
• Multiple Claimants:

Conclusion

Gifting properties to loved ones is a very affectionate process. This should be done without forcing the donor and carrying out all necessary steps including registration in a fair manner. If you are looking for informations of Property Transfer In Blood Relation In Chandigarh the above blog contains the information that is needed for the transfer.