We have a home which was on my mother's name. My mother died some years back. We are two children of our parents me and my sister. So now our home has three owners. My father, my sister and me. Now my sister and my father want to gift their shares in the home to me. So my question is that the registration charges on this transfer would be calculated on the total value of property or on the 2/3 value of the property.
Suppose total value of property is 20 lakhs. Then I am 1/3rd owner and my father and sister are owner of 2/3 share combined. So that 2/3rd part will be gifted to me.
So value of property to be gifted will be : 2/3 of 20 lakh
= 13.33 lakh
So registration charges would be 1% of transferable property value i.e 13,333 ₹ .
Am I correct here??
I am from uttar pradesh
Please clarify this doubt 🙏🙏
