Q: property was purchased in 1953 and since hen it belonged to my father and now i am inheriting this property so will be there any difference in registration charges since its a inherited ??
Earlier, Stamp duty was 5% in Kanpur but the UP Cabinet has approved proposal of hiking 2% extra in the cities including Noida and Greater Noida, governed by UP Industrial Development Act 1976. Now you have to pay 7% as stamp duty and 1% as registration charges. So, in other UP districts, the stamp duty is 7% and only Rs 10000 rebate is given if the property is transferred to a woman owner.
Hi Rishi! What are the most important things to do as a precautionary measure to avoid future legal issues or complications with respect to inherited property?
Good question Apurva... Make sure that a Will is made and duly registered. One can always draft a fresh Will anytime and have it registered again. The last registered Will is the one that will be used. Ensure property matters are discussed and clarified between siblings so that there are no complicated legal dispute later on.