Long Term Capital Gains

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

Originally posted by : manish
	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

while making registration deed of property they have option to sxpecify the ratio of the each shareholder say 5% of 1st person and 95% of 2nd person, ( zero is not a valid shareholding), even the ratio can be 1-99

post registration any instrument would be valid only by virtue of registration, stamp papers would not suffice the purpose.

in such event u can ask for a registered will from 1st party in favor of the legal heirs of 2nd party in registared manner.