I want to transfer my house to my elder brother free is there any stampduty payable ?

Q: I have residential house in vadodara gujarat I want to transfer to my elder brother as gift no cash consideration.

how i can transfer as gift deed or registration.
I am NRI so cant effort longtime how much time require to complete all procedure.

Jagdish Maru,

15th August 2015

Property Tax in Vadodara

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As per my knowledge the key element for making gift transfer are as follows:

(a) The absence of consideration;
(b) the donor;
(c) The donee;
(d) The subject matter;
(e) the transfer and the acceptance.

Govinda,

17th August 2015

Comment

Hi Govinda, I want to know that How I can register a Gift Deed?

Lokesh Patwa,

17th August 2015

Registration of gift deed is done as per the provisions of the Registration Act, 1908. Firstly you have to make valuation of the property being gifted by an approved valuation expert and then make Payment of Stamp duty and transfer duty.

Govinda,

17th August 2015

Transfer of property within family members or giving it away as a gift to another person, it is necessary to legally register the property in the name of receiver of the property through the gift deed process.The gift transfer is invalid without legal documentation of the deed, which is different from the usual registration process.

Vikash V, Ahmedabad

17th August 2015

Comment

Hi VIkash, What is gift deed and who is Eligibility for Gift Deed Transfer?

Lokesh Patwa,

17th August 2015

@ Lokesh,
A gift deed is a legal document used to transfer a property as a gift from the donor to a donee without the exchange of money. The gift can be transferred to a person or an institution which should be accepted by the donee within the lifetime of the donor. Only an immovable property that exists in the present can be transferred.

Vikash V, Ahmedabad

17th August 2015

To make a gift transfer of the property, the donor should be fit to contract which mean that minor individuals cannot gift a property. However a minor can accept the gift with a natural guardian as a nominee, who will act as a manager of the property till the donee becomes an adult. The donee should be alive to receive it otherwise the gift deed becomes void.

Ravindra Singh,

17th August 2015

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