There can be many situations when you wish to transfer or give away your ownership in a property. As a parent you would like to gift the property to your children so that you can see them enjoying it in your lifetime or it can be a gift to them on the occasion of their marriage. At times you relinquish your right in a property when there is a family settlement. Many other situations like these involve transferring property to the other person. 
But transferring an immovable property does not take place verbally and there are many tax implications which can arise.
Property is not a movable asset and so you need to go through proper legal procedures and pay the relevant duties/taxes when transferring it. In fact there are wide tax implications when you transfer your immovable property. But there are exemptions available in certain modes especially when the transfer is between the blood relations.
Here I discuss about three ways in which you can transfer your property to another individual :
Relinquishment Deed
A relinquishment is basically giving up ones right in the property, which might be inherited or parental, in favor of another legal heir. The relinquishment itself means surrendering or releasing your right in the property to another owner in the same property. In most families this is being done especially on death of the one owner in the property.
Since it’s an immovable asset a proper relinquishment deed gets registered and the stamp duty is payable as per state laws. This relinquishment can be without consideration or with consideration. One important aspect to be noted here is that the relinquishment deed is signed only among legal heirs and so it cannot be executed to another person who is not a legal heir. This means that it can be a family arrangement also where one legal heir surrenders his share in the property for monetary consideration.
Sale Deed
The other mode of transfer of property is selling it outrightly. This is the most widely used means when we are looking for monetary gains from our property. The transfer deed as we call it needs to be compulsorily registered and is surely for monetary consideration. Once the property gets registered then the ownership gets transferred to the new owner. Here too the stamp duty as per the state laws is payable.
Gift Deed
A gift deed is widely used when you wish to gift the property to either your blood relative or your well wisher. Being an immovable property gifting can only be done through a registered gift deed. Although it is a gift, the stamp duty is still payable as the transaction can take place only through a registered deed. The stamp duty on gift deed may or may not be equal to the general stamp duty you pay on selling the property. It may be lower in some of the states but is a state discretion.
Which Option To Choose?
All these three options have their benefits and limitations which you have to address while making a decision-
Relinquishment
Relinquishing your share in a property can be done only in a joint ownership. This is mainly utilized when you wish to transfer your rights to the other family members who are co-owners in the property. A relinquishment cannot be done to a person not having any interest in that property. If it’s so then it will be treated as a sale of the asset. Generally relinquishing your right enhances the ownership of the other co-owners. So if there are 3 co-owners in the property and one of them relinquish his/her right then other two co-owners will have equal rights in the property post the transfer. This mode is highly used in family settlements where the property is co-owned by many legal heirs and one or few of them wish to release the right in favor of others for or without any consideration.
Taxation
The relinquishment of property results in capital gains taxation and on the basis of time horizon of holding the asset gains are derived. One need to take the help of a good tax professional to find out the tax liability.
Sale Of The Property
This is precisely the selling of the property to any other person. The person buying the property is not necessary to have an interest in the property or is not required to have any kind of relation with you. The sale deed as we call it is signed and registered in the sub registrar office by paying the required stamp duty as per the state laws.
Taxation
The selling of property results in long term and short term capital gains tax liability as per the state of holding of the property. This tax gets payable by the seller of the property and there are provisions in income tax to save the long term capital gains tax which he/she can avail. Also the tax implications are different when you have an under construction property and when you receive the possession of it. So one should avail the help of a tax expert to know ones tax liability and for availing the right benefits for tax exemptions.
Gifting
One of the other provisions of transferring your property is gifting. This provisions is highly beneficial within blood relatives considering there is gift tax exemption. So when parents want to gift any property to their children or within brother or sisters then gifting provisions can be used effectively. Since it’s an immovable property the gifting need to be done through a registered gift deed.
Taxation
There is no tax on the person accepting the property as a gift if it happens within the blood relations. The Income tax has clearly specified certain relations where gifting of an immovable property is tax exempted. The capital gains does not arise since the asset is not sold. Even then there is a stamp duty payable while gifting since the property needs to get registered. The rate of this duty may vary between the states. However, any income from the gifted asset may fall under the clubbing of income provision under certain circumstances like a minor child, housewife etc. and so you need to asses your situation in detail before availing benefit here.
What mode you use for the transfer of your property is a decision which is based on your circumstances. Within blood relations gifting can be a viable means of tax planning for such transactions. However, the tax provisions need to be understood in detail for any of the above mode so that you or the other party do not face any tax surprises. Its advisable that you take assistance of a good tax expert when you are dealing with transfer of immovable property.
Share your views in the comments section…..
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ME & MY BROTHER HAVE PURCHASED FLAT IN 1998 1 BHK FLAT & SELL ON 30/12/13 & AGAIN PURCHASED 2 BHK FLAT IN MUMBAI IN BOTH THE NAME & NOW I WANT TO GIFT MY 50% SHARE TO MY BROTHER SO I WANT TO KNOW IS THERE ANY LOCK IN PERIOD FOR 3 YEARS? IF I WANT TO GIFT TODAY ie(1 YEAR 1 MONTH) I WANT TO KNOW I HAVE TO PAY CAPITAL GAIN @20% + PENALTY I HAVE CONSULT 7 TO 8 CA NO ONE HAS A RIGHT ANSWER PLEASE ADVICE BIREN MODI
ME & MY BROTHER HAVE PURCHASED FLAT IN 1998 1 BHK FLAT & SELL ON 30/12/13 & AGAIN PURCHASED(29/5/14) 2 BHK FLAT IN MUMBAI IN BOTH THE NAME & NOW I WANT TO GIFT MY 50% SHARE TO MY BROTHER SO I WANT TO KNOW IS THERE ANY LOCK IN PERIOD FOR 3 YEARS? IF I WANT TO GIFT TODAY ie(1 YEAR 1 MONTH) I WANT TO KNOW I HAVE TO PAY CAPITAL GAIN @20% + PENALTY I HAVE CONSULT 7 TO 8 CA NO ONE HAS A RIGHT ANSWER PLEASE ADVICE BIREN MODI
Biren,
If the second flat is purchased for capital gains then yes as per provision the flat cant be transferred for three years. However, in my view this restriction may not be there for gifting the house within the exempted relatives. So you should be able to gift your share within this period. Under gifting there will be no capital gains taxation. But you will still have to pay stamp duty as per state laws.
Do note that this is my view and i am not a tax expert. A tax expert can only give you clear answer to your query. You can read a query similar to your situation here (query by Karlton):
http://www.jitendrapssolanki.com/2013/07/understanding-sec-54-sec-54f-for-capital-gains.html
I have a flat as joint owner with my Dad, Where I am the first Owner.
Now I want to withdraw the name and put my sisters name who is not married.
Please advise
Regards
David Tharakan
David,
You can gift your share to your sister. This will be done through a registered gift deed and stamp duty will be payable. Since stamp duties are as per state laws you can enquire what you will have to pay in your city.
Hi,
Can relinquishment deed be done in favor of only one co-owner without paying the stamp duty? Means, can the complete share of releasor be transferred to only one co-owner out of 4 other without paying a stamp duty?
Rohan,
I am not a lawyer so it will be difficult for me to answer accurately. In general relinquishment deed needs to be mandatorily registered and stamp duty becomes payable.
It’s wiser that you take assistance of a lawyer.
Hi,
I have purchased a flat in Pune in 2012, The flat ownership is shared by me As a main applicant and Dad as co applicant.
Now i want to gift my share to my brother along with my Home Loan. Is it possible? Please advise.
We are three sisters and two brothers.My mother owner of house property.Sisters relinquIsed their right in favour of my elder brother.Thus brother become share holder of 80 percent and of 20 percent.Whether my brother can now relinquish his 30 percent. share to me to make me holder of 50 percent.
Mukesh Kamthe,
For gifting the flat to your brother the institution from which you have availed the housing loan, permission will be required. This is because your house is mortgage with them and any change of ownership cannot happen without their consent. So talk to your bank.
Kbs,
Once your brother became a partial owner of the property then he is free to gift or relinquisih his share in the property. So in my view he can relinquish 30% share to you.
Take legal assistance to confirm it.
I have got one plot alloted by indore development authority in the name of my sister CAN IT BE TRANSFER IN THE NAME OF MY BROTHER WIFE, MY WIFE without impliction of stamp duty or any othet way please suggest
Hello,
My wife and I are getting divorced by mutual consent. She is very rich and has said she has no interest in the house in which we are co-owners. The bank which I have taken loan has no objection since I am the one paying EMI since 15 years via PDC.
Also we have agreed our minor daughter stays with me. I will look after school fees and any other expenses.
Could you please tell us which is easiest way to transfer house (apartment) to my name. I don’t want to pay any stamp duty?
Can I say I am spending on our kid and so stamp duty is not applicable? Please advise.
Thank you,
Suresh Baliga.
Sanjay,
When you transfer a property in blood relations then implication of stamp duty and capital gains tax can be minimised through gifting. Stamp duty is payable in all cases its just that duty on gifting may be lower than selling the property. However, ouside blood relations there is very less scope of reducing these as gift is not tax exempted. In my view taking a gift from your sister in your name would be more appealing for saving the cost on transfer and tax liability. Else transferring to any other may invite capital gains tax along with stamp duty.
These are my views so confiorm from a tax expert.
Suresh,
Stamp duty is payable in case of transfer of immovable properties. You can have lower duty when gifting within blood relatives is involved. So that can be one way but I am not sure of this provision in your case since you are getting divorced. In general you cannot avoid stamp duty in transfer of immovable properties.
Good to seek some tax expert advice.
You will have to seek a godo tax expert advice to know the impact
Can I relinquish my rights in ancestral house property in favour of other sharers who are my brothers by way of affidavit written on stamp paper?
K.Jagannadharao,
Relinquishing your right in any property needs to be executed through a registered Relinquishment deed. In my view Affidavit do not work in case of properties.
Rest you can confirm this with a lawyer.
Hi,
I want to transfer flat(30lac) in Kalyan to my brothers name(blood relative).
1. i want to go for Gift deed, how much percent registration fee need to pay my brother ?
2. can i transfer it to my fathers name and then my father can then give it him , which is the better way?
3. is ther any other way to minimise the transfer cost ? because we are brothers
Bhushan,
Gifting between brothers or parents is tax exempted. So you can gift to your brother without any tax liability on him. In my view gifting is the most appropriate means to transfer an immovable property between relatives. The stam duty varies across the states and is charged as per state laws. You can check with your local sub-registrar office the stamp duty rate on gifting.
Sir, I want to relinquish my share in the property in the NAME OF JOINTHOLDER WHO IS MY YOUNGER BROTHER. THE PROPERTY IS SITUATED IN RAJKOT (GUJARAT). Kindly inform me the stamp duty required on executing the Relinquish Deed.
Thanks
Chander,
Stamp duty is a state jurisdiction and so vary across states as per the state laws. You need to confirm the rate from your local sub registrar office where properties get registered. The stamp duty will be charged on the share relinquished by you.
hello sir,
we have 1 flat by my father name and he want to give these flat to there sister that means to my buwa. and now she is widow so she come in blood relation? my question is
1. Can we give them as gift deed?
2. its necessery to pay stamp duety and registration to buwa?
3. what is better and easiest way to transfer or give our property on her name?
4. From whom we take help tahsildar or lawyer with minimum expenses?
5. how much is legal if we do only gift without paying stamp duety
Please help me out
Thanks in advance.
Pihu,
The more appropriate means will be that your father gift the property to his sister, Stamp duty will be payable by all means of transfer but in general stamp duty on gifting may be lower than the stamp duty cost in other ways. It’s come under state laws and so stamp duty will vary across states. You check in your area. No, You cannot avoid stamp duty since gifting of an immovable property happens through a registered gift deed.
my brother gifted his plot to his wife through gift deed.So will there be any capital gain at time of gift .
Anil,
As per income tax if any immovable property is gifted to housewife than any income from the asset will get clubbed with the husband income.In your brother case at the time if gifting the tax liability will not arise since the relation is well under exemptions. But any future earnings from it will get clubbed with your brother income.
Can a son gift his father a flat & avoid stamp duty as per blood or family transfer?.Ny advocate says its not allowed and i have to paySDuty because it should be other way around to save s duty, pl advice.
Pruthesh,
Stamp duty is payable whether you sell a flat or gift it to your blood relatives since the deed need to be registered. The only relief is that the stamp duty on gifting may be lower than the general stamp duty as per state laws. So there is no way you can avoid stamp duty.
My mother, sister and me are co-owners of a flat purchased in Mumbai and registered in April, 2015.
My mother would like to transfer her share in my sister’s and my name.
1. Should she do this through relinquishment deed or gift deed ?
2. Will we still have to pay registration charges if we do a relinquishment deed?
3. What documents are to be attached with the deed ?
A,
Relinqueshment will result in generation of capital gains and so capital gains tax liability will arise apart from stamp duty. Contrary to this in gift deed there is no capital gains tax liability and only stamp duty is payable. In both these cases atamp duty rates may vary.
From family settlement perspective relinquishment is a more preferable option. In your case the tax liability may be higher as I see that the falt is registered in 2015.So it has not completed three years for capital gains to be termed as long term.
Its good that you consult a tax expert and know your tax liability before you take any decision.
Sir,
My Father in law property is inherited by my wife thro Relquishment , ie her brother and mother who are legal heirs of property has given a affidavit thro a Notary that we do not want the share of property and it can be transferred to my wife. What is the other procedure? Is it correct procedure? Please advice
Can I purchase my brother’s owned property which is now loan free, no dues at all on his property. Can I get a home loan to purchase his property?
Dear Sir
I am the co-owner of an ancestral flat with my sister. I want to release my share in the flat to my sister for a certain amount.
Will this be a release deed with consideration ?
What will be the stamp duty since this is ancestral property even if I get a certain amount ?
Thanks
I forgot to add that this is in Mumbai
Brother,
When there are joint co-owners then relinquishment deed is an effective way to release your share to the other owner of the property. Yes, this will be a relinquishment deed with consideration. The stamp duty will be applicable as per your state laws. so you can check on your local sub-registrar office on the stamp duty rates.
hi! my husband had purchased a 2bhk flat 10 yrs ago n now he wants to transfer iton my name and at that time he had kept his father as nominee.what is d procedure to remove his father s name n transfer it on his wifes name?how much stampduty /money will be required
Mrs. Nahida Inamdar,
Nominee is only a custodian and not a legal heir. There is always a provision to change your nominee. You can get the detaisl from your society office.
For transferring the property by your husband to you a gifting should be a more viable option. The stamp duty will be applicable and the rate will be as per your state jusrisdiction. In general stamp duties on gifting may be lower than stamp duty on buying/selling a property. You will get the inforation on stamp duty rate from your local subregistrar office.It may be somewhere around 1-3% of property value.
Dear Jitenderjee
Thank you very much. We are three co-owners ( 2 sisters and myself brother). So should we make two release deeds as both me and my sister will release our share to the third sister. Our lawyer advised that two separate release deed avoids the risk of getting enmeshed in legal dispute if you have only one release deed.
Brother,
Yes 2 release dead should be made since you two are different owners and have your respective share.
Hello there,
What is the procedure, if my dad wants to transfer the property on our name; we are 3 brothers.
The house is an independent one, the original house. My elder brother constructed 3 rooms beside the original house, the eldest brother constructed 4 rooms on the top of the original house.
The house is located in BHEL, Hyderabad, Telangana.
I had purchased a flat in Virar ( Maharashtra) now my father wants that flat to be transferred to him through a gift deed i am ready but i want to put a clause in that deed that my father will not be able to sell it, since i do no believe him. Please guide
Prasanjeet,
I am not sure if you can really have a condition imposed in a gift deed. Ideally, once you gifted the property through a registered gift deed then the ownership changes.
You Will need assistance of a legal expert to resolve this.
We have ancestral property jointly on my father and his brother’s (my uncle’s) names, both have passed away. The doc we have shows the property was inherited from their father and then registered on their name and divided between them two equally. Now, we their sons/daughters decided to sell it however we are all currently not residing in India (but in US & Canada now). We all in family including in cousin’s family are in favour of selling this, and also, in full agreement that all sisters, mothers will happily surrender their part in favour of sons. We want in a way that only sons then can come to India and sell the property. Can you guide how can this be achievable? We are not familiar with property laws in India so any detailed process will be appreciated – Thank you!
Kunal,
To answer your query I will have to discuss your case with my legal team and will see what’s the scope of work involved.
In general in my view on the basis of NOC from other family members this should be achievable. Let me know which city the property belongs to as we are based in Delhi and will be able to assist you within Delhi/NCR.
Lawrence,
Much depend on the current ownership of the house. If your father is the only owner then the best means would be through a gift deed. However, since your brothers have spent money on construction he will have to compensate them for their expenses.
Rest its wiser you seek a legal expert views as there are legal issues involved in your situation.
Jagannath,
The other procedure to transfer is gift but that works well when you have a single owner. In case of multiple ownership Relinquishing the share will be the right way to transfer.
Dear Sir/Madam,
I am buying property from my mother. how much stamp duty i need to pay? waiting for your responce
Kunal,
If it’s a normal purchase then the stamp duty as applicable in a buying selling agreement will be applicable. Stamp duty across states are different as this comes under state jurisdiction. You will get the rate from your local registrar office.However, if its a gift then the stamp duty may vary. This also you can check with your local sub registrar office.
i want to sell my property to my brother. my brother wants to give that property on gift basis to his son. . tell me stamp duty applicaable in those trasnsactions.
dear sir,
my father gave his father’s immovable property to his second son on will basis. .he has two sons and three daughters.is there will be any problem in that case.
Dear Jitendra,
I bought a land in August 2014 in Bangalore. The land was purchased on behalf of my friend who was in USA. Because of unawareness, he transferred the entire purchase value, approx 13 Lakh in my savings account in India and I got this registered on my name. The idea was to get this transferred on his name by a gift deed when he is back to India. Now I got that a friend can not be applicable for gifting and hence need to shown as an actual sale.
There is no plan for further cash transaction as it was made in Aug 2014 by my friend. I don not want to be taxed on short term gain either. Not sure the option left in this case.
How can I transfer this land to my friend without cash transaction? I understand, stamp duty may require to pay.What is your input on this?
Thanks for your help!
mskk,
In selling normal stamp duty will be applicable since it is a sale deed. However, under gift a different stamp duty is applicable as per state laws. This can be less than general stamp duty or equivalent to it. You need to confirm from your local registrar office the stamp duty rate on gifting.
Hi,
My father, mother and I jointly holding an immovable property with equal preposition. Now my father and mother wants to transfer their ownership right to me without any consideration.
which kind of deed they have to make so that it can not be legally challenged by any third party in future?
Relinquishment deed can be done by one owner to another co-owner if the said property was purchased by themselves and it’s not an inherited property.
Dear Sir My brother and me purchased a property 15 years ago.Now I want to buy this from him.Can I get a Home loan on it and transfer 50% amount to him?If not then what is the solution?
Dinesh,
You are purchasing share of your brother from the property. Home loan is availed on certain value of the property to be bought. But I am not sure whether you can avail home loan on buying your brother share in a property where you are a co-owner. Good if you query to any bank or financial institution who will let you know whether home loan can be granted.
Amit,
It can be through a Relinquishment deed or through Gifting. Your parents can gift their share from the property to you.This will be done through a Registered gift deed. There will be no tax implication on you but stamp duty will be applicable.
Relinquishment deed can be done by one owner to another co-owner if the said property was purchased by themselves and it’s not an inherited property.
Sir,
I have two flats at Mira Road, Mumbai, which I want to transfer by gift to my wife name and she is a house wife. What will be the cost of registration or/and any tax liability on me(husband) now or in future.
Raghu Nath,
The cost of registration will be the stamp duty. You will get the information on stamp duty from your local registrar office. As far as tax liability is concerned there will be no tax liability on gifting but any gains on selling the property will get clubbed with your income.
sir,
our house is registered on my uncle name and we want to register it on mine or my mothers name but my father is expired so help me to find out a way to get registry without stamp duty
Hi Jitendra
I have taken an apartment along with my father in 2008. Its registered under both my and my fathers name. And we have taken a home loan on the property and right now we are paying the EMI. My father is the co-applicant of the loan. Now my father wants to relinquish his share. i.e. The property needs to be only on my name. Can we do it while the home loan is still in progress. If so what is the procedure
Thanks
Punit,
Since its an immovable asset you cannot avoid stamp duty on transfer of the asset. It will be payable.
Sam,
When home loan is in progress then it will be difficult to sell or transfer the share. Ideally, you can do so only after repaying your loan liability. You should get in touch with your bank and find out if they can allow. Probably with loan transfer, it may be feasible but I am not sure on it.
Dear I want to purchase house from my sister can I get home loan
Hello Sir,
My father has gifted a flat to my brother with understanding that I will have half right of the property. The property is registered on my brother’s name. Now I want to get it from him by compensating him with half of the fair market value. My questions are:
1) Does my brother has to pay tax on the FULL market value or the on the amount I would pay him?
2) If he gift the flat to me, is there any legal way he can get some tax-free money from me or my father?
3) Will I save on stamp duty, if he gifts it to me instead of selling to me?
4) Can he willingly make me a co-owner, and then I will have to buy out only his rights (for half the fair market value)?
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Hello Sir,
I have purchased a property in 2004 in Kerala. I was married at the time of purchase. Later my husband died in the year 2010. This year, in 2016, I remarried with another person and living with him in a separate house. Now I want to transfer this property to my own brother, who is already married and living at parents property. Can I transfer the property by Settlement Deed availing the concession of Taxes in Kerala State?
Looking forward for a clear answer.
Regards,
Shaiji
Shaiji,
Difficult for me to answer on Property laws in Kerala. You will have to seek answers from a lawyer based in your state. However, you can transfer the property either through a settlement deed or by gifting to your brother.
Kishor,
Whatever transaction your father has entered into the share should be clearly specified. If he has gifted the entire property to your brother then ideally he becomes the owner. Now there are 2 ways for claiming your ownership-
1. Your brother gift your share in which case there will be no tax liability on you but stamp duty will be applicable.
2. Your brother transfer the property to you with consideration.
In both cases stamp duty will be payable since its an immovable property.
Hello sir,
Thank you for the advice . However I want to ask: can he (my brother) gift me the whole house without consideration ?And then if I give him a gift check, will that be a valid gift exempt from tax? will that check be treared as consideration?
Hello Sir,
My granny had made a will in my dads name,stating that after her death the flat should be transferred in my dads name,but the lawyer didn’t mentioned as a gift on the will.It states that after her death all the authority regarding the flat and the flat itself should be transferred in my dads name.The will was done in the year 2007 and the will is a registered will.Now my granny passed away in the year Dec 2014.But my dads sister and sister-in-Law (Since my dads brother passed away)are claiming for the share of that flat.And even the secretary of the building is at their (my dads sister-in-law’s) side.He is not ready to transfer the flat in my dads name,even though we have a registered will.
Can you please give us a suggestion as to what step we must take,in order to transfer the property(flat) in my dads name.
Regards,
Sharon.
Sharon,
As far as secretary is concerned I don’t think he can withhold the transfer if there a registered Will.He need to act upon it.
Rest on the dispute of your dad with your sister the matter will go to the court if not settled with the family. I am not aware on the assets of your granny and content of the Will so I cannot comment on the legalities but a registered Will does not mean it cannot be contested. The legal heirs can challenged it in the court. However, it can be resolved with a family settlement to avoid the long legal battle in the court.
If you need a detailed advice then I will need to see the documents and will need more information.Then with help of a legal team I can look at the best probable solution for the dispute. Mail me on info@jsfadvisors.com and we can take it from there.
I am NRI working in Kuwait. My father owned a plot of land in rural area of Sangli district in Maharashtra state. I built a house there for my parents in year 2007. I have a brother, who also stays in the house with my parents and his wife & daughter.
I discussed with my father to transfer the property in my name and he has agreed to it verbally since all funds for construction and also all subsequent expenses/modifications/additions are borne by me.
Please let me know procedure to transfer the property in my name.
Kishor,
If your brother gift the complete house to you it is a valid gift. But I am not sure about the 2-way transaction. You will need a legal expert advice to confirm this.
Kailas,
My answer would be generic since there need to be more information on the ownership to give you a very specific reply. The three method mentioned in the article are the three ways a property can be transferred. Since the land is in your father name ideally his children i.e. you and your brother and his wife i.e. your mother are legal heirs to claim the share in the property after him. Now to transfer property on your name in my view gifting will be a good choice. It will involve payment of stamp duty (This may be lower) information of which you can collect from local sub-registrar office. Having said that ensure that the family is in consent related to your father assets . If required you can have an NOC from the rest of the member so that there is no dispute later on.
These are my views. Since there are legalities involve do consult a lawyer.
Hi
I want to buy a apartment for my parents and have my mother as owner even though I fully fund for this apartment.
But I also want a provision that after my parents time, the apartment is automatically transferred to me as I have fully funded it and none of my siblings can claim for any ownership
Also I do not want to allow my parents to sell the apartment without my consent and if we mutually sell then I can claim for full amount of sale proceedings
In this scenario how should I go about the purchase, what legal documents should I take care of?
regards
Santosh
Dear Sir,
My elder brother wishes to give a newly constructed flat to me which is in a building that he constructed (He is a builder and developer) as a marriage gift. The property is situated in a village in Nashik. Maharashtra.
What is the best possible option we should deal this to have benefit in stamp duty and registration and tax as well.
Also I am an NRI and currently not in INDIA. Can my other brother do the registration for me if I send him a POA. Also can I include my wife in that property as it is a marriage gift. Please guide.
I want to transfer my shares in my brother’s name. I am third holder. He is the first holder and his wife ,second. The market value of shares is around Rs 200,000.
Will this transaction be exempt? How much stamp duty we’ll have to pay?
Please guide.
Santosh,
I am not a legal expert so do not have a right answer yo your query. However, within my understanding, it will be difficult to execute this without you being a co-owner in the property.Rest you take a legal expert help as your query pertains to the legal status of your situation.
Vandan,
A gift may be a good option in your case. In my view spouse may be included since its a gift on marriage. Regarding registration on POA I do not have a clear answer wrt Maharashtra. Your brother can get the legal status on it as buying and selling on POA has been restricted now.
Hello in my family I have my father , mother ,me and my sister she is married . I want to be the owner of the house with my father or to be safe for future , my sister is ready and so is my mom , lease guide me legally what rocedure to follow ?
I have a under construction flat (i.e Not yet registered) in Gurgaon with me and my father as joint owners. My father has recently passed away. As i understand (though i have not yet consulted it with my builder yet), i will need to shell the transfer charges per sq/ft for my fathers share to get transferred to my name. As this is going to be quite considerable, i just want to get a opinion from this forum on whether builder is right in charging this amount. Kindly advise.
Hi.
Yes Gift will be the best option to save stamp duty and registration charges.
As far as PoA is concerned, the law in Maharshtra is that all PoA that concerns immovable property has to be registered compulsorily. Hence, the PoA option is not available.
Who is the owner of the property?
My mother has received a flat from her father as a gift. They did a gift deed and registered it.
My question is can I take a Loan against this property and what documents related to property I need to submit to the bank?
Mandar,
Once the flat is gifted to your mother through a registered gift deed then she is the legal owner of the asset.In that case taking a Loan Against The Property should not be an issue. The list of documents you will get it from the bank when you enquire about the loan. The bank will also confirm you whether loan can be provided on the property or not.
I have a flat in Pune. I purachsed it for 75 lacks. But I took loan on my sisters name as bank was willing to give her. But i was the one who paid all EMI through her account (I used to transfer money to her account and bank used to get it cut). So obviously the flat is on her name. Now how can i get it back to my name?
If via gift: If i sell it tomorrow for 90 lacks, do i have to pay taxes on 90 lacks? or 15 lacks?
I paid all the money for the flat and now how can i make it on my name legally with 75 lacks value paid by me.
Vivek,
Since the property is on your sister name you can get it back through gift from her. It will involve a stamp duty to be paid.
Since its a gift from sister there will be no gift tax. But when you sell it you will be liable for capital gains tax.
I have property which is currently let out and paying income tax on rent income.
I want to transfer my property as well as income tax liability to my wife.
What should i do for it ?
Vishal,
Although you can easily gift the property to your wife but there is a provision of clubbing of income if she is a housewife. In such case the rental Income will again get clubbed with your income and will be taxed. Thus the purpose will not be solved.
Hi
If at the time of divorce husband gifted a flat to wife(gift deed done). But later she wanted to change the name with father’s name. Then what is the procedure she needs to follow?
Is possible only with 500 rs Stamp?
Neeta,
Changing the title deed from your name to joint-names means you are giving the share in the property to your father. This can be done through Gift deed, relinquishment deed. In both cases, stamp duty will be payable as it is an immovable property.
Also, capital gains tax might arise based on when you received this gift. Wiser you consult a good tax expert for your situation.