I would like to transfer it to my wifes's name as owner of the Flat
Asish Kumar samanta
(Querist) 18 October 2010
This query is : Resolved
I purchased a Flat in Kolkata about three years back and got it registered in my name. Now I would like to transfer it to my wifes's name as owner of the Flat.How do I do it? Should I reregister and what will be the stamp duty and registration charges?
R.Ramachandran
(Expert) 18 October 2010
Dear Mr. Ashish,
If you want to transfer the flat in your wife's name, it will involve the stamp duty on the entire value of the property.
There are two other methods by which the property can be transferred to your wife name. (1) By giving a gift of the property to your wife through Registered Gift Deed. In this case, the stamp duty payable would be very very less compared to the stamp duty payable in the normal transfer of property.
(2) By making a WILL in favour of your wife. Here there is no requirement for payment of any stamp duty at all. In this case the WILL will become effective only upon your demise and not before that.
Devajyoti Barman
(Expert) 18 October 2010
In what way do you want to make her a owner- joint or absolute?
In both the cases the safest and easier method would be to make a deed of gift in her name in respect of the whole property or half of the same.
In Kolkata the Stamp Duty for gift is .5% while the registration charges is 1.1%.
