(Querist) 04 June 2008
This query is : Resolved
We live in Mumbai, in a Society. A flat is owned by my grandmother, which she wants to transfer it to my fathers name. I want to know the entire procedure of getting the flat transfered in his name and all the documents that would be required. In which places such documents are to be submitted and the amount of stamp duty to be affixed or how is it to be calculated.
SROTAS -Global Legal Services
(Expert) 05 June 2008
If one has gifted a flat to her son one should have the gift deed drawn out which should be witnessed by two persons. In case of both the donor and the donee it is preferable to register the said gift deed even if the flat is in a co-operative society. Stamp duty would have to be paid on the gift deed which would be the same as in case of the sale of a flat. However, there is no gift tax applicable. The gift deed would be the title document indicating the gift to the daughter along with the share certificate if it is in a co-operative society
You better go for gift deed instead of sale deed which requires lot of procedures. if you have any further queries feel free to mail at email@example.com
(Expert) 24 June 2008
either she can gift the flat or she can write a will. The one more option is to execute a sale deed. But gift and sale deed one has to pay stampduty and registration fee whereas for the will there is no need of such payments.
(Expert) 06 April 2009
Thanks all of you. I do agree with views and/or valuable opinions of our ld. members/friends.