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What is SRA gift deed?

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0 2023-12-27T18:46:30+00:00
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In the context of the Slum Rehabilitation Scheme (SRA), a gift deed is a legal document that allows the transfer of ownership of a tenement from one person to another within the same family. Here are the key points regarding SRA gift deeds:

  1. Purpose:

    • The gift deed enables the owner of an SRA tenement to transfer the property to a family member as a gift.

    • It facilitates the smooth transition of ownership without the need for a monetary transaction.

  2. Eligibility:

    • The gift deed can be awarded to the following family members:

      • Husband
      • Wife
      • Son
      • Daughter
      • Grandson
      • Granddaughter
      • Widow

    • However, this transfer can happen only after the

      lock-in period

      or specified resettlement period registered under the Slum Rehabilitation Scheme.

  3. Stamp Duty and Registration:

    • The stamp duty for the gift deed is a nominal amount of

      ₹200

      .

    • Registration of the gift deed is mandatory to make the transfer legally valid.

    • Once registered, the tenement owner can transfer the property to the eligible family member.

  4. Recent Changes:

    • Last week, the Maharashtra government reduced the lock-in period for SRA tenements from

      10 years to 7 years

      .

    • Previously, beneficiaries who were rehabilitated from shanties to redeveloped buildings on the same plot of land couldn’t sell or transfer the property for a decade.

    • Now, such transfers can occur after 7 years

      of possession.

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Advocate Apurva

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