Nri property
Inder Singh
(Querist) 03 March 2013
This query is : Resolved
Hi
I am an NRI, my father owns a commercial property in India which is rented. He want to transfer that property to myself so that I can file case as an NRI to get our property evacuated. It is one plot with four shops in Punjab. How do we proceed?
Please & Thank you
ajay sethi
(Expert) 03 March 2013
father can execute gift deed in your favour . have the gift deed duly stamped and regd . it should be attested by 2 witnesses .
donee should accept the gift. come down to india for said purpose .
Rajeev Kumar
(Expert) 03 March 2013
Your father can execute gift deed in your favour signed with two witnesses.
Inder Singh
(Querist) 03 March 2013
I am already in India, so what is gift deed and how does it work.
The minimum govt rate for that property is approximate Rs. 15, 50, 000/-
How much its gonna cost us to get that transfer.
Please reply
ajay sethi
(Expert) 03 March 2013
stamp duty is generally 2%of value of property . stamp duty would be around Rs 30,000 plus registration charges . get it drfated by a lawyer
Inder Singh
(Querist) 03 March 2013
so is it a kind of registry or something else?
one more question: What if i get done actual registry, what would be the difference?
Would I be able to lodge my case in the court if I get it as a gift?
Thanks
ajay sethi
(Expert) 03 March 2013
gift deed is required to be registered . it is mandatory requirement in law . once property is trnasferred in your name you can take legal proceedings . your lawyer will guide you
Inder Singh
(Querist) 03 March 2013
Thanks Mr. Sethi
I Appreciate your replies.
Raj Kumar Makkad
(Expert) 03 March 2013
In Punjab the rate of stamp duty is 3% of the cost and NRI get a preferential right to get his property evacuated so it is a good step on the part of your father.
Inder Singh
(Querist) 04 March 2013
Mr. Makkad I have one question for you
When my father give property on my name, legal work make this necessary that my dad gave possession of property to myself while actually it is rented at the moment and tenants have the possession, so would this thing affect my case in future or no?
