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Ranganathan   19 November 2017

Stamp duty on inherited property

Sir,

(1) Me and my wife are senior citizens.  We live in our own independent house in chennai.  The title to the  house property

is jointly held by both of us,   Our only son (who is married), is to inherit this house property after our lifetime.  

When our son inherits,  what is the stamp duty payable for transfer of title upon inheritance after our lifetime ?

 

(2) If we make a deed of settlement in favour of our son to settle the house property,  will it be a cheaper option

from the stamp duty angle compared to (1) above.?

 

(3) Assuming we make the deed of settlement  in favour of our son,  can myself and my wife secure our right to 

stay in the same house till our lifetime by entering into another agreement with our son ?  And is it necessary 

to register this other agreement ?l

 

Many thanks in anticipation of your valuable advice, and best regards !

 

Ranganathan

 



Learning

 4 Replies

Dr J C Vashista (Advocate)     19 November 2017

Inheritence of a property can be in the name of either you or your wife, both can not inherit same property, please re-check the fact. 

Dr J C Vashista (Advocate)     19 November 2017

In case the property is jointly owned by your wife and yourself you may execute a "Will " in favour of your son, which he shall get it after your life-time, it require "no" / "Nominal" stamp duty.

G.L.N. Prasad (Retired employee.)     19 November 2017

and also get the well drafted by learned advocate and get it registered.  (You can enjoy it in your life time and the inheritance through will becomes operational on death of two parties only)

R.Ramachandran (Advocate)     19 November 2017

Answer to your queries:

1. If your son inherits the property of your (your and your wife's) lifetime, then there will be no requirement for payment of any SATMP DUTY.

2. If you make a Settlement Deed in favour of your son, it may involve some stamp duty (though may be nominal say Rs. 10000  or so, which you can check up with the local sub-registrar's office).

3. If you make a Settlement Deed, then you will not be able to reserve any right to live in the property during your life time.  Therefore, this option may not be necessary.

 


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