PGN Property

Categories
Uncategorized

My wife and I own a property in Bangalore and we live in UK. How can I gift my 50% share to my wife?

You can register the “Release Deed” to transfer 50% of your share to your wife so your wife becomes 100% shareholder of a property.

Release Deed registration procedure is same for local residents and overseas residents. Both Releasor & Releasee (you and your wife) must present in sub-registrar office to register release deed or can give power of Attorney to register on your behalf.

In a separate blog, we wrote the detailed procedure to give Power of attorney, here is the link to the blog https://www.pgnpropertymanagement.in/how-can-i-execute-a-power-of-attorney-deed-in-united-kingdom-for-using-it-in-india/

——

Below is the detailed procedure to register the Release Deed, we gave the below procedure with real example

Husband and wife jointly purchased a 2BHK flat from a builder in Bangalore. It means that husband owns 50% share and wife owns 50% share of a property.

Now husband wants to release 50% of his share to his wife, we executed below Release Deed.

Documents Require for Release Deed Registration:

  • Registered sale deed (of husband & wife purchased from builder)
  • Current financial Tax paid receipt
  • eKhata
  • Aadhar of Releasor & Releasee (This is not applicable for NRI)
  • PAN of Releasor & Releasee

Draft: Prepared the Release Deed Draft in word file. The draft looks like below images

—————–

Submit an application on Kaveri Online Services, here is the weblink https://kaveri.karnataka.gov.in/landing-page , Usually application approves within 2-3 working days. Pay the government fee and book the registration slot.

The following documents required to submit an application

  • Registered sale deed (of husband & wife purchased from builder)
  • Release Deed draft
  • Current financial Tax paid receipt
  • eKhata
  • Aadhar of Releasor & Releasee (Not applicable for NRI)
  • PAN of Releasor & Releasee
  • Two witnesses Aadhaar

Government charges:  for Release deed registration in  Karnataka

  • Stamp Duty: Rs. 5000
  • Registration fee Rs. 1000
  • Scanning Fee Rs, 35 per page

Print the Release Deed draft on document. Both release and Relasee sign all pages of Release Deed. Two witnesses signs at last page of Release Deed. As per the registration slot,  carried the following documents to Sub-registrar office

  • Application summary report
  • Release Deed (to be registered)
  • Aadhar of Releasor & Releasee (Not applicable for NRI)
  • PAN of Releasor & Releasee
  • Government charge transaction receipt

Submit the above-listed documents at the registration counter.  The registering officer asks the Releasor, Releasee and two witnesses to sit at the registration counter. The officer takes the photo, thumb impression and OTP authentication

Below are images of ourRegistered Release Deed,

   

 

Do the khata transfer to wife’s name and update the name in property tax record and utility bills

—————

In Bangalore, we provide end-to-end assistance to register Release Deed. To opt for our service, please write to us pgnproperties@gmail.com or Whatsapp to + 9 1 – 97424 79020.

Thank you for reading…