Ad Free CAclubindia and Daily Updates on your Mobile. Subscribe Now!

House property transfer

Lowrence (Writer) (157 Points)

14 April 2016

Hi Everyone,

My question is about House property transfer from my Dad (living) to his children. We are 3 brothers. The individual house is located in BHEL, MIG, Hyderabad, Telangana.

The house was allotted in 1992. My brothers have constructed rooms, elder brother has constructed 3 rooms, adjacent to the allotted house. Eldest brother has constructed 4 rooms above the allotted house. Point now is, is it possible to have the property transferred to all 3 of us.

Could anyone guide me with the procedure?

Thank you.

Reply
Follow
Share

1 Replies

ACCOUNTANT (Student) (559 Points)
Replied 14 April 2016

Yes.,matterless of the expenses incurred on development and construction of house.,the ownership of the asset can be transferred to joint holders of property., or can get the property parted on agreement from the owner of the land/property on valuation basis.

If the transfer is on Consideration(Monetary Consideration) then expenses incurred can be adjusted to it or valuated accordingly.