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adProperty News

     
 
Settlement deed made simple
Source : The Hindu Property Plus Published On : 2008-02-09 City : Chennai

The execution of Will has its own hassles in identifying a reliable person to be the executor and involves expense, writes C.H. GOPINATHA RAO

 

Imagine a senior citizen who owns a house, acquired out of his earnings. If he wants to give his house to his younger son over the elder one, he has the option of executing a Will or make a settlement retaining life interest. The execution of Will has its own hassles in identifying a reliable person to be the executor and involves expense. The Will is to be probated for which court fee is to be paid (The probate of Will is mandatory for the properties situated at Chennai, Mumbai and Kolkatta.)

     The better option in this case would be to execute a settlement deed in favour of the younger son. The senior citizen can retain the life interest of residing and letting out the same for rents and enjoying the rental benefits and other profits accruing there from during his life time along with his wife. In the event of his wife surviving after his life time, the said property will devolve on her and she will be at liberty to retain her life interest of residing and enjoying the said property during her life time by letting it out for rents and receiving the rental and other benefits without having any right to alienate, encumber and mortgage.

     Earlier the expenses for effecting a settlement deed among the family members was 4 per cent of the guideline value towards the stamp duty and 1 per cent towards the registration charges. The charges have been reduced with effect from December 16, 2004. The charges are as follows:

i)             In favour of family members stamp duty -1% on the market value of the property but not excedding Rs. 10000 /-. Registration charges -1% on the market value of the property subject to a maximum of Rs. 2000 /-. The family member includes father, mother, husband, wife, son, daughter and grand child.

     Stamp duty 8% on the market value of the property or GL value whichever is higher. Registration charges 1% on the market value or GL value whichever is higher.

 

Stamp duty and registration charges

Categories of Document

Stamp Duty

Regn Fee

  1. Sale
  2. Gift
  3. Exchange
  4. Simple Mortgage
 
 
  1. Mortgage with possession
  2. Agreement to Sale
  3. Cancellation
  4. Partition
 
 
 

     9. General Power of

    Attorney without
    consideration

   10. General Power of

         Attorney with

         consideration

   11. Settlement

         i) In favour of family members

 

        ii) Other Cases

 

   12. Partnership deed

          i) In favour of   family members

         ii) Other Cases

13.    Deposit of Title
Deed
 

   14. Release

 
 

   15. Lease

          Lease below 30

          years

          Lease upto 99

          years

          Lease above 99

          years

16.    Declaration of
Trust
 
8% on the property value
8% on the property value
8% on the higher value
4% on the loan amount
subject to a maximum
of Rs. 20, 000 /-
4% on loan amount
 
Rs. 20
Rs. 50
1% on the value of
the property but not
exceeding Rs. 10000 /- for
each share
Rs. 100
 
 
4% of the amount
 
 
 
1% on the value of
the property but not
exceeding Rs. 10000 /-
8% on the value
of the property
 
Rs. 50
 
Rs. 300
0.5% on the loan amount
subject to a maximum of
Rs. 5000 /-
1% on the value of
the property but not
exceeding Rs. 10000 /-
 

1%        on the total amount

4% } rent, premium, fine
 

8%        etc.,

Rs. 180
 
 
1% of the property value
1% of the property value
1% of the higher value
1% on loan amount subject to
A maximum of Rs. 5000 /-
 
1% subject to the maximum
of Rs. 2, 00, 000 /-
1% on the money advanced
Rs. 50
1% subject to a maximum of
Rs. 2000 /- for each share
 
 
Rs. 50
 
 
1% of the amount
 
 
 
1% on the value of the
property subject to a
maximum of Rs. 2000 /-
1% on the property value
 
 
1% on the capital invested
 
1% on the capital invested
1% on loan amount subject to
a maximum of Rs. 1000 /-
 
1% on the value of the
property subject to a
maximum of Rs. 2000 /-
 
 
 
1% subject to a maximum of
Rs. 5000 /-
 
 
1% on the amount
 

Additional Rs. 100 will be charged on all documents towards computer charges

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