transfer of flat to other family member
Querist :
Anonymous
(Querist) 29 March 2011
This query is : Resolved
dear experts,
we have an ownership flat in the joint name of my father and grandmother. my father is paralyzed and my grandmother is about 80 years old. i also have two uncle and both they stay separately since about 10 to 15 years. now i want to transfer my grandmother's share in our flat, in my name without making any gift deed. can it possible? my father and grandmother are ready for that nothing is hide and sick only the question is that how can my grandmother's share can transfer in my name without making any gift deed.(means without paying gift tax or any other tax or transfer fees or stamp duty)Can it possible? HOw?
Thanks in advance.
R.Ramachandran
(Expert) 29 March 2011
No. You cannot get the flat in your name unless your grand mother either gifts her share to you through Registered Deed; or she leaves a Registered Will in your favour. By giving gift of the property, no gift tax or any other tax either in your grand mother's hand or your hand will be attracted. However, stamp duty will be attracted. In the case of Will, Stamp duty will also not be attracted. However, there is a chance that your other uncles may challenge the genuineness of the Will on the ground that it has been obtained by you by fraud, undue influence, pressure, coercion etc. If your uncles are quite OK if the property is willed to you, then better obtain their signatures as Witnesses to the WILL.
adv. rajeev ( rajoo )
(Expert) 29 March 2011
your father and grandmother can execute the regd., rights relinquish deed, It is is very cheaper method of transferring the property.
R.Ramachandran
(Expert) 29 March 2011
The relinquishment deed can be done only if the other party is also having interest in the property in question. Thus relinquishment deed cannot explained in favour of any stranger to the property. In this case, at best the relinquishment can be done by the grand mother to her son (i.e. father of the querist) or by the querist's father to his mother, since both are having interest in the property.
