Gift Deed to Mother from Son and Daughter-in-law
Querist :
Anonymous
(Querist) 17 May 2011
This query is : Resolved
I have a Flat in Bangalore and my wife and I are the co-owners. We would like to gift our property to my mother. No where we have mentioned the explicit share of the property (I assume it would be 50%-50% in this case).
What is the easiest and cheaper way to transfer the property
1) Can my Spouse transfer the property to me first (Register the Gift Deed) and then I transfer the property to my Mother?
2) My mother is not a Tax assessee. She has a PAN card. Any income(rent) arising of this property will be treated as her income or mine? She will be filing her own IT-Returns.
3) Is there any tax applicable?
M/s. Y-not legal services
(Expert) 18 May 2011
No need anything like as your 1 point.. You and your wife can make a will or gift deed togetherly in favour to your mom..
M/s. Y-not legal services
(Expert) 18 May 2011
My suggestion is better both of you may entered in to a gift deed.. Because human mentality can change any time.. If you make any will mean its can be cancelled. But in gift you can't cancelled..
R.Ramachandran
(Expert) 18 May 2011
First and foremost please tell, whether you have any brother or sister?
Then also please tell what is the objective and purpose for which you want to give the property in gift to your mother?
M/s. Y-not legal services
(Expert) 18 May 2011
Sorry mr.ramchandran. Here author mentioned as his self property. Then why your question about his brothers? Whats the problem here. Please clear me..
R.Ramachandran
(Expert) 18 May 2011
Dear Mr. Tom,
I have not said whether the querist and his wife can gift the property or not. Why I wanted to know whether the querist has any brother or sister was that once he gifts the property to his mother, then later on, the property will get divided by way of inheritance between all the legal heirs (unless his mother again writes a WILL in favour of the son who gifted the property). So, by asking all the relevant questions, I was thinking of suggesting my views. (AM I RIGHT IN ASKING FOR DETAILS ABOUT HIS BROTHER/SISTER?)
Querist :
Anonymous
(Querist) 18 May 2011
Thank you for your responses. Here are additional details.
1) Im the only son of my parents.
2) As per Karnataka Stamps and Registration Dept(http://www.karigr.org/modeldeeds/giftd.htm) when Son gifts it to mother the total registration fees is only about 2000 Rs and since my wife's share is also being gifted(and she not being the part of the family definition) the stamp and additional duty comes very huge(50,000+). We wanted to avoid this additional charge. So if my wife gifts the property to me first(within family) and then I gift it to my mother, it could be done in 2000+2000=4000 Rs.
3) Reason why we wanted to gift the property to my mother is because this house we plan to rent it out and move to another location and the rental income becomes her income.
Guest
(Expert) 18 May 2011
Dear Tom,
If some senior asks some supplemental information, instead of replying just passing over and above the contents of the question, that means he anticipates some problem in the proposed deed and wants to alert the author of the question about that. Instead of questioning a senior you could have waited for clarification before offering your comments. As a qualified professional you could well have understood the central idea of Mr. Ramachandran's cross-query.
