When you buy a property, you don’t just become its owner but also the legal owner of that property. However, this ownership comes with several restrictions and regulations.
For example, some properties are locked down by the local municipal trusts and other such institutions to protect them from being misused or falling into disrepair.
Such laws and restrictions make it impossible for you to just transfer your property to someone else. In general, there are two ways in which an individual can transfer their property in India—either as a gift or as an estate. You Can make the Property Registration Online in Quick Time.
There are many rules when it comes to transferring properties, not just at the state level but also at the local municipality level.
Understanding these rules is imperative before proceeding with transferring your property as an estate or as a gift. If you’re interested in knowing more about how to transfer property in India, read on!
Transfer Property as a Gift
The first thing that you should know before transferring property as a gift is that it has to be completely voluntary.
You can’t pressurize anyone into accepting your gift. Moreover, you can’t gift your property to anyone under the age of 18 years or to someone who is financially incapable to maintain the property.
You can gift your property only to a family member or to a friend who is above 18 years of age.
Conditions While Property Transfer:-
- The person whom you gift your property to has to be your next of kin (in the case of family members) or a person who you’re living with (in the case of a friend).
- The gift must be in writing so that both the giver and the receiver are aware of the terms of the gift. The terms should clearly mention the date of the gift, the exact value of the property gifted, and also the relationship between the giver and the receiver.
- You can gift your property to anyone based on the terms of your will.
You can transfer or gift your property only if it’s valid to be transferred or gifted. You can’t transfer or gift anything that’s illegal.
Finally, you must ensure that you follow the rules and regulations put in place by the state and local municipality when it comes to transferring property. The rules and regulations differ from place to place, so you need to check with your municipality before proceeding with the transfer.\