How to transfer a property as gift deed? Is it possible?
Q: I have a property in Kolkata. I want to transfer it to my younger sister and her husband as gift deed. Is the gift deed needs to be registered for property transfer? If yes, what is the stamp duty that I have to pay to get it registered?
I own a flat at Kolkata. Wish to transfer it on my son's name through a transfer deed. What is the best way to do or is there any other method. If so tax and other legal implications?
Hello Anish, I think you have to pay stamp duty and registration fee as per applicability.
1. The other way is to gift it to your son and 2% stamp duty and registration fees as applicable will have to be paid on the market value of the flat. 2. Another way is to give your son power of attorney of the flat and unconditionally will it after you.
Under section 122 of the Transfer of Property Act, 1882, you can switch immovable property by way of a gift deed. Like a sale deed, a gift deed includes details of the property, the transferrer and recipient. But as a substitute of a sale consideration in a sale deed, a gift deed allows you to transfer ownership without any exchange of cash.
Stamp duty and registration fee needs to be paid to register a gift deed. In some states, stamp duty rate for property transfer by way of gift is the identical as on the market or conveyance deed.Once a gift deed of an immovable property is done in favour of any recipient, the donor does not have the authority to revoke or cancel the deed at a later stage, until there is a specified clause mentioned within the deed.
My father has left a house, which he has divided among his three children. Right now only I am staying in the house. My siblings want to gift their portions to me without consideration. However, I am of the opinion that I should give them some monetary gift as part of a family settlement.what is the proper way to so this transaction.
Your siblings may execute a gift deed in favour of you thereby gifting their respective inherited parts within the property to you.The transfer must be effected by means of a registered and stamped instrument signed through or on behalf of your siblings and need to be attested by using, at least, two witnesses.
Yes gift deed needs to be registered to make it valid. A gift is the transfer of property by one person to another made voluntarily and without consideration. Any person who is the legal owner can make a gift of his property. If a document of gift, after its execution or registration in favour of the donee, is handed over to him by the donor, it amounts to a valid acceptance of the gift. Under Section 123 of the Transfer of Property Act, a gift of property, which is not registered, is bad in law and cannot pass any title to the donee. Documents should be stamped and registered as required. Mere delivery of possession without a written instrument cannot confer title. The stamp duty will, however, be lower if the donee is a close relative. In such cases the stamp duty is 2% on the present market value of the property.