- This topic has 4 replies, 2 voices, and was last updated 1 year, 2 months ago by
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SIf your mother is the legal owner who acquired it herself under a Sale Deed, regardless of who paid for it, then you do not need the siblings to sign off. Your mother can gift it to you or sell it to you. In the long run, a sale deed may be more desirable than a gift deed because you have siblings but any legal challenge to a gift deed by your mother will be nearly impossible to succeed.
A gift deed means no IT implications and lower stamp duty / registration charges. It may help to ask your siblings to sign as witnesses in the Gift Deed document at the time of registration.
A sale deed will mean IT implications for both of you and possibly higher stamp duty and registration charges. You will have to show payment of consideration, or it will be implied. If you can’t show such payments from you to your mother’s bank account, you will leave the transfer open to future disputes and legal challenges by your siblings.
Legally both are sufficient as instruments to transfer the property to your name.
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SIf cost isn’t a factor at all, then buy it from your mother. Go for a Sale Deed where you include details of payment of Sale Consideration to your mother. Pay applicable stamp duty and get it registered right away. That’s the gold standard.
You may later get your mom to gift you cash / money. That’s tax free. Preferably in small steps or in a gradual manner that doesn’t look like she’s transferring the consideration right back to you.
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