My short term goal is to resolve my problem,
but i would like to make this message a step by step guide for readers with the help of elite members
We live in a Flat in Western Suburbs of Mumbai in a Co-op Society.
There is been a mutual understanding between me and my father that i would pay him Rs 40 Lakhs for the flat and he would transfer the flat in my name by way of Gift Deed instead of actual buy and sell transactions
1-> Can my father transfer the flat by way of gift deed to me, whether recovrable or irrecovarable gift deed ?
2-> Is there any way my sister can make a claim of this property in future dare ?
3-> Can we mention the amount of Rs 40 lakhs in the gift deed so that when i transfer the money to my father's account he doesnt land up in Income Tax Problems ?
3-> Can the gift deed be under joint name of Myself & my wife ?
4-> What papers would be required to transfer the flat in my name in Co-Op Society ?
5-> Is there any Stamp Duty to be paid to make the gift deed legal ?
6-> Can i avail a Mortgage loan on the property once it is transferred in my name
6-> Can I sell the flat in future date once it is transferred in my name using gift deed and society procedures ?
Many Thanks
Vipul Shah
