Information

Overview

As per provisions contains in Section 118 of Transfer of Property Act, when two persons mutually transfer the ownership of one thing for the ownership of another, neither thing or both the things being money only, such a transaction is called an exchange. This definition is not restricted to immovable property only.

Thus, exchange implies, when two separate property owners mutually agree to transfer the ownership rights by exchanging the property. Further, exchange also means exchange of lands and barter of goods too.

If one of the items that has been transferred in money, then it is not an exchange but sale, because sale should always be for a price. But money in one form can be exchanged for money in another.

In case of exchange, the transfer of ownership of one thing is not the price paid or promised to pay, but something else in lieu. For example: if a person transfers a land valued Rs.20,00,000/- to another and in return, the other person transfers a shop valued Rs.18,00,000/- and pay Rs.2,00,000/- in cash, it is an exchange.

This type of exchange transactions can be reduced into writing in the form of Property Exchange Deed. This Exchange Deed document for transfer of property rights need to be registered with the jurisdictional sub Registrar’s Office by paying prescribed stamp duty. While drafting the exchange deed and its registration including the document execution, its presentation and admission utmost care need to be taken, since this is a complex process.


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Name : Akash Kashyap

Law Firm Name : The Law Office of Akash Kashyap, Esq.

Country : India

City : North East Delhi

State : DELHI

Practicing Since: 2016

About Your Firm : Akash Kashyap is an American trained and American qualified attorney practicing in New Delhi. He has a Juris Doctor from Brooklyn Law School, and is a member of the Bar Council of Delhi and New York State Bar in good standing. Akash Kashyap also has a M.Sc. in Management & Marketing from Lancaster University, and a B.Sc. degree in Applied Sciences from the University of Delhi. Through his career, Akash Kashyap has developed a wealth of experience in cross-border transactions, real estate transactions, intellectual property rights management, immigration law, trusts and estates, and civil litigation in the state of New York. He provides counselling and support on US law and back end support for litigation in the State of New York. His practice also includes general immigration law, intellectual property protection and management, media and entertainment law, cross-border investments, international estate planning, cross-border real estate management and transactions, and international mergers and acquisitions.

Manpower/Employee Details

Sr Employee Associated Sr Employee Enrollment/Reg.No Sr Employee Enrollment/Reg.State
Akash Kashyap D/6879/2017
Jr Employee Associated Jr Employee Enrollment/Reg.No Jr Employee Enrollment/Reg.State

 

  Agreements/Deeds(Bulk) ( Agreement for land sourcing )
  Legal Opinion/Title Certification ( Apartment/Builder Floor )
  Agreements/Deeds(Bulk) ( Construction Agreement )
  Legal Opinion/Title Certification ( Residential Layout )
  Agreements/Deeds(Bulk) ( Sale Deed )
  Legal Opinion/Title Certification ( Villa Project )
  Forming Owners Associations/Societies ( Apartments )
  Legal Opinion/Title Certification ( Commercial complex )
  Forming Owners Associations/Societies ( Layouts )
  Power of Attorneys ( Drafting General Power of Attorney )
  Power of Attorneys ( Drafting Special Power of Attorney )
  Agreements/Deeds(Bulk) ( Memorandum of Understanding )
  Agreements/Deeds(Bulk) ( Joint Development Agreement )
  Agreements/Deeds(Bulk) ( Agreement of Sale )
  Agreements/Deeds(Bulk) ( Agreement of Sale with GPA & Possession )

 Legal & Drafting

  Agreements/Deeds ( Agreement of Sale )
  Wills ( Make A Codicil )
  Agreements/Deeds ( Partition Deed )
  Legal Opinion (Written) ( Agriculture Land )
  Lease/Rental Agreements ( Car Parking Agreement )
  Agreements/Deeds ( Construction Agreement )
  Agreements/Deeds ( Memorandum of Understanding )
  Legal Opinion (Written) ( Commercial Property )
  Lease/Rental Agreements ( Settlement Of Rental Agreement )
  Agreements/Deeds ( Sale deed )
  Agreements/Deeds ( Joint Development Agreement )
  Legal Opinion (Written) ( Revenue/Other Site )
  Lease/Rental Agreements ( Paying Guest Agreement )
  Agreements/Deeds ( Gift Deed )
  Lease/Rental Agreements ( Apartment Rental Agreement )
  Affidavits ( Name & Address Affidavits )
  Lease/Rental Agreements ( Leave And Licence )
  Agreements/Deeds ( Sale Agreement/Deed Review )
  Lease/Rental Agreements ( House Rental agreement )
  Affidavits ( Personal Affidavits )
  Lease/Rental Agreements ( NOC From Landlord )
  Agreements/Deeds ( Construction Agreement Review )
  Lease/Rental Agreements ( Commercial Office Rental Agreement )
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  Lease/Rental Agreements ( Commercial Shop Rental Agreement )
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  Power of Attorneys ( General Power of Attorney )
  Agreements/Deeds ( Relinquishment deed )
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  Power of Attorneys ( Special Power of Attorney )
  Agreements/Deeds ( Mortgage Deed )
  Lease/Rental Agreements ( Residential Lease Agreement )
  Legal Opinion (Written) ( Apartment )
  Affidavits ( General Affidavits )
  Power of Attorneys ( Revoke/cancel Power of Attorney )
  Agreements/Deeds ( Exchange Deed )
  Lease/Rental Agreements ( Room Rental Agreement )
  Legal Opinion (Written) ( Villas )
  Affidavits ( Other Affidavits )
  Wills ( Make A will )
  Agreements/Deeds ( Release Deed )
  Legal Opinion (Written) ( Independent House )
  Lease/Rental Agreements ( Office Sharing Agreement )

 NRI Services

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  Property Disputes ( Illegal Transfer of Land And Property )
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  Buying Selling of Property in India ( Buying/Selling of Property in India )
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  Power of Attorneys for NRIs ( General Power of Attorney by NRI )

Subject :  Drafting a Will
Question :  Can i specify an under construction property in the Will? The property will be delivered only after a year. But i want to register the Will now by bequeathing my properties to my son. Is that possible?

Answer by The Law Office of Akash Kashyap, Esq. :  You can absolutely do so. You may will any interests in any property you possess to your son. The sale agreement constitutes such an interest - and you may leave it to your son. If the will goes into effect before delivery, then your son will stand in your shoes and be entitled to the delivery of the property at that point of time.