Tfr of share in shop to close relative without consideration, Gift Deed req on py made to builder

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k M Goyal (Querist)
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15 June 2025 Tfr of share in under const. shop to close relative without consideration, Gift Deed required on py to Builder
• Dear Sir
Builder has provisionally allotted an under construction shop to me and I have paid less than 10% amount of total consideration money.
• As per builder's terms and Conditions allotte can transfer in full or in part, the provisionally allotted shop to his close relative without any charges.
Accordingly, I have applied to transfer 50% of share of this allotted shop in favour of my son and builder has transferred the same in favour of my son. And now we are joint allottes of this shop
Sir pls guide, Gift Deed is required in favour my son for payments made to builder by me.
Sir further after that some payment made to builder by me (i.e. my share and my son share) and builder given joint receipt of the same.
Sir pls guide, Gift Deed is required in favour my son for payments made to builder by me.
Regards
K M Goyal.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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16 June 2025 Gift deed not required for payments made on behalf of son.
Gift deed required only in case of property transfer.
After completing the construction the shop will be registered in both the names.

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