Avoid property tax

Break Water (Querist) 04 July 2012 This query is : Resolved
Hi,

I am planning to buy my father's home thorugh home loan from nationalized Bank.

Is there any way to avoid buying property taxes (e.g. regisration tax and stamp duty)?

Is Power of Attorney work in this case?

Appreciate your valuable advise.

Thanks.

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Adv.R.P.Chugh (Expert) 04 July 2012
No POA won't vest any title in you with respect to the house. Go in for a registered gift deed. The stamp duty is minimal on that.

Break Water (Querist) 04 July 2012
Thanks for your advice.

Is it possible to get home loan and having registered gift deed of the house.

How we can process with Bank regarding the same.

Could you please put more light on the same.

Thanks.

ajay sethi (Expert) 04 July 2012
if gift deed is executed it means property has not been purchased by you but given as gift to you . where is question of needing a home loan . ?

on epiece of advice . dont take short cuts . you need too buy father flat . obtain housing loan pay stamp duty registration charges .

Break Water (Querist) 05 July 2012
Thanks.

There is no way to minimize to pay the stamp duty and registration charges.

Any suggestion?

Thanks.

sanjeev murthy desai (Expert) 05 July 2012
If you need benefit of ownership then you should have to pay the stamp duty and registration fees as your mandatory duty.

Break Water (Querist) 09 July 2012
Many thanks all of you for your advice.

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