best way to transfer underconstruction property to family member
Querist :
Anonymous
(Querist) 11 February 2011
This query is : Resolved
I have a registered agreement to sell for a flat in underconstruction building with a builder which is yet to be completed. I want to buy another flat in the same area which requires to give an undertaking that I do not have residential property in the area. Can I legally do that? The second property is only available to me from company.If not, what is the best way to transfer it to my son name. Wether builder is required to be involved for the owner change
Basavaraj
(Expert) 11 February 2011
According to me the best is that just execute Gift of Deed of Immovable Property to your son and get it register into local sub-registrar. nothing builder should not be part of this proceedings, just mention one para about under construction of building.
Hence all your rights will be automatically get transfer to your son be way of Gift Deed.
Note: do not mention value of building in the gift deed and there will be no stamp stamp duty to be paid beacuse you are executing Gift Deed to your son only there will Govt Fee has to pay.
