Consult with Property Lawyers in Chennaiby Saif Husain marketing
According to the Indian Legal System, the land is the subject matter of the State Government under the Constitution of India. So, the property laws differ from one state to another. Other than the state law, the Central government also governs the acquisition and the ownership of the property. The processes of the transfer of the properties are the purchase or sale, transfer, mortgage, inheritance or gift. But, other than the transfer of the agricultural lands and the registration of deeds and documents, the rest of the property law comes under the Concurrent List. However, with the advent of time, the property related cases are increasing rapidly and hence, there is a huge demand for the best Property lawyer in Chennai.
The acquiring of the land i.e., the immovable property, the Indian gives the rights to him or her of the selling, lease, transfer or the gifts. The mortgage facility is also provided to the owner of the land for the security purpose of the loan. The lands are categorized according to the usage. Some of the areas of a city are entitled to the residential purpose while the other parts are used for the commercial purpose. This systematic order of the distribution of the purpose of lands prevents the cities and the towns from the unorganized growth. Some other restrictions are the agricultural lands cannot be acquired by the non-agriculturists. In India, some of the states have the rule that the people from the other states cannot acquire or possess the land in their states. The state rules are also applied for the protection of the environments. Under the Registration Act, 1908, it is now mandatory to pay the stamp duty while purchasing the lands. This ensures the proper record of the buying and selling of the lands and also the ownership of the property in the public domain. The Income Tax Act, 1956, has the certain procedure to observe the undertaking of the property transactions so as to ensure tax compliance of an owner before disbursal of property.
Some of the methods to transfer the immovable properties or the real estate properties:-
Sale Deed:- This is the most common process of buying and selling of lands in India. The enrolment of these sale deeds and once these are enlisted in the State Registry Office, the transfer of the ownership takes place. The registration process can be done by the lawyers for property registration in Chennai.
Gift Deed:- This does not take place in against any capital. This can be the gifting of the movable as well as the immovable property. This becomes the capital assets for the Recipients. This is also the cost-effective method of the transferring of the ownership of the lands.
Relinquishment Deed or Release Deed:- When there are multiple owners of a property, then if one of the owners needs to transfer his or her share through the Release Deed. This then takes place with or without the exchange of the money in against the property.
Partition Deed or Settlement Deed:- This is executed by the co-owner of the land when a court order has to be implemented. For the matter of Settlement Deed, the property belongs to the third person and the settlements are done for the individuals who do not have any interest in the said property and the share of the heir is as per the desires of the settlers.
Inheritance or Will Deed:- One can gain or inherit the properties through the will deeds. When a person dies, the properties are transferred according to the Law of Succession.
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Created on Jun 12th 2018 02:27. Viewed 250 times.