Karthigeyan Srinivasan
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What is the formality to partition a property?
Q: I have built five apartments in a piece of land. I want to partition the document into two one having 3 apartments and the other having 2 apartments. What is the procedure to do it? Whether there is any tax implication?

Latest Answer: In case, the partition is happening by mutual consent, a partition deed is executed by the co-owners. The partition deed is required to be registered at the office of the sub-registrar of the place where the property is situated as in case of any other registration. The stamp duty payable in such a case is Rs 1,000 for each share of the property. Further, the registration fee will be Rs 500. More than one person may jointly own a property.

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