Property Transfer: If you want to become the owner of property legally then know the right way to transfer property...

Everyone dreams of owning a house, shop, or land, but due to legal complications, many people are afraid to invest in it. Especially if the property is in someone else's name and it has to be transferred (property transfer rules), then the problem increases. But now you can transfer it to your name in very easy ways without any hassle. To avoid property disputes, it is also necessary to get it transferred. Through this, you are legally called the legal owner of the property.

If you are looking for ways to transfer your property, there are three options to transfer it legally. Sale Deed, Gift Deed, and Resignation. However, you cannot choose any of these three options casually, because the role of each of them is different. To avoid any kind of problem in the future, it is important that you choose one of these. Let us know about everything…

What is a sale deed, and when is it needed?
It is also called a transfer deed or sale deed, which has to be registered in the sub-registrar office. After this, the property is transferred to the name of the new owner. But keep in mind that the person buying the property should not be related to you. This method is used the most. This is a very easy way to transfer property while avoiding fraud. A registered sale deed is proof that you have sold the property.

What is a gift deed?
Under this document, you can gift your movable and immovable property to someone without any monetary transaction. To gift immovable property, you have to make a deed on stamp paper. Also, after getting it attested by two witnesses, it has to be submitted to the registrar's office. According to Section 17 of the Registration Act 1908, registration of immovable property is mandatory. If you give any property as a gift to your relative, there will be no tax hassle. Here relatives mean wife, siblings, wife/husband's siblings, or parents' siblings.

 
Relinquish deed i.e. resignation deed
If you are a shareholder in a property and want to give up your rights, then Reluctance Deed is a better option. Like a gift deed, it also cannot be changed, even without any transaction of money. It has to be registered after getting it attested by two witnesses. As far as stamp duty is concerned, there is no exemption or tax concession for relatives. It is usually used when someone dies without leaving a will and the legal heirs inherit the property.

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