Transfer of proerty

Bobby Mascarenhas (Querist) 12 April 2012 This query is : Resolved
Dear Sir, My son and I hold a flat jointly in our name. We want to transfer the said flat in the name of my daughter and my wife. There is no transaction or consideration. The flat is less than 3 year old. Will we have to make a sale deed? Will captial gain tax applicable and how will it be computed?

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Deepak Nair (Expert) 12 April 2012
You can execute a deed of gift and register the same by paying requisite stamp duty.
No capital gain tax in case of gift.

Devajyoti Barman (Expert) 12 April 2012
No need for sale deed, you can go for a gift deed.

ajay sethi (Expert) 12 April 2012
good to see you back Mr barman

agree that enter into a gfift deed . stamp duty payable is nominal

Sailesh Kumar Shah (Expert) 12 April 2012
1.there is no consideration. So no need to execute sale deed;
2. Just Execute and register gift deed;
3. There is no attraction of capital gain.

M/s. Y-not legal services (Expert) 12 April 2012
yes gift deed is best option..

but whats about your son's status? he also ready for the same? if he also ready mean both of you can entered in to gift deed..

-tom-

Deepak Nair (Expert) 12 April 2012
Oh tom,
You too are back after a long time. Nice to see you again.

Welcome back.

M/s. Y-not legal services (Expert) 14 April 2012
thank you my friend deepak..

-tom-

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