Can i gift the property to my son

Q: i have an apartment in bangalore which i have purchased in 1978. since the payment of stamp duty as per the market price was introduced in 1980, so the agreement was only executed on on Rs. 5 stamp paper.the property is also not registered as at that time the registration was not compulsory. do i need to pay the extra stamp duty now?

Shazad Laskar, Bangalore

30th March 2013

Legal in Bangalore

apartment in bangalore

stamp duty

sale agreement

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The documents required for registration include chain of original conveyance or sale deeds or agreement from the seller, share certificate issued by the society in favor of the seller indicating his membership of the society, no-objection certificate from the co-operative group housing society certifying that the society has no objection to the transfer of share in favor of the purchaser, identity proof and address proof.

Bhushan Rao, Bangalore

31st March 2013

Comment

What are the documents required for registration?

Shazad Laskar, Bangalore

31st March 2013

Comment

When you are gifting the property to your son and paying the required stamp duty, it is similar to registration of property. The property will be registered in his name (assuming your son is not a minor). The stamp duty will be paid on the value of the property according to the current circle rates of the area. A registered gift deed is a valid registration document.

Pranab Malakar,

31st March 2013

Comment

I want to know that whether I have to register the property and then gift it to my son ore he can only register it in his name.

Shazad Laskar, Bangalore

30th March 2013

Comment

That means the agreement executed in 1978 is still with you. Hence, no stamp duty is to be paid now. You can gift the property to your son, though it would be considered as a valid gift only once the gift deed in registered. Similarly, you need to pay stamp duty to the registrar. However, as this property will be gifted to a blood relation you will get some concession on the stamp duty as offered by the State government.

Shiva Reddy, Bangalore

30th March 2013

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