House registration - reg
Guest
(Querist) 19 February 2014
This query is : Resolved
Dear Sir,
As i am working in abroad, male, age 37, and due to some reasons I registered my house in my mother-in-law name temporarily for 2 years, as it was in lady's name registration so she got a 50% off in registration fee. Now I am planning to come india as my vacation nearing and I wish to transfer that house in my name, but my known lawyer is saying if i transfer that house in my name as registration then i have pay the 50% deducted fee first and i need to register in my name, is it possible to Register as Gift from my mother in law, please advise sir,
Devajyoti Barman
(Expert) 19 February 2014
I am not sure return of deduction but you have to pay stamp duty on re-transfer.
You should not have registered it in your MIL's name as it now cost more than what you saved.
Guest
(Expert) 20 February 2014
Your Mother in Law could Execute a Settlement Deed In favor of her daughter that is your wife.For Settlement Deed the Stamp Duty and Registration fee will be much lesser than Rs.50000/- irrespective of Property Value.Later on Your Wife could Execute the same in your favor with same cost if required.
Rajendra K Goyal
(Expert) 20 February 2014
The property is in the name of your MIL, she can gift it to you. It attracts less stamp fees.
Guest
(Expert) 20 February 2014
@Author In Gift Deed The Percentage of Stamp Duty and Registration Fee involved is Just One Or Two Percent Lesser than Sale Deed
T. Kalaiselvan, Advocate
(Expert) 20 February 2014
The stamp duty in gift deed is lesser than the settlement deed. For all practical purpose, ask your MIL to transfer to you on a registered Sale Deed to avoid problems in the future by the other siblings of her, instead of spending for related litigation on a later date.
Guest
(Expert) 21 February 2014
@Author When the Property was Purchased by you in MIL's Name it had become Self Acquired Property of Her and She could settle it to any one of her wish.If she makes a settlement deed in favor of your wife that is her daughter no one could raise any objections
R.V.RAO
(Expert) 23 February 2014
gift by mother to daughter( being relative) does not attract gift tax.
the stamp duty and regn. cost are also lesser than other modes of transfer.
