Two aged persons invest long term capital gains in joint names in a residential property.
However, the amount towards cost of the property is contributed by second party from his own share
from the joint savings account.
The second party contends that the name of first party has been included only to safeguard
the interest of second party in the title deeds as he is a handicapped person and there may
be a possiblility of transfer of property by way of cheating or undue influence or coercion and
the name of two persons in the ownership will make it more difficult for the cheaters to get
the property transferred.
They also enter into an agreement with each other showing clearly their intention behind
purchase of flat and also clarify the extent of share (which is 100% of second party and 0% of
first party) in the property.
Pls. advice whether the agreement should be on a plain paper
or on a stamp paper. If the agreement is on a plain paper at the time of booking of flat,
can the parties now get the agreement written on stamp paper intoday's date.
regards
manu
CAclubindia
