Transfer of flat to my father

Mehul H Nirmal (Querist) 24 January 2016 This query is : Resolved
I have a residential property....a flat.....which is on my and my wife's name...i.e....in aggrement...my name is first and my wife is the joint owner of the flat...now...as today there is no any dispute but as a matter of safty..I my father want me to give the flat to him..(.as maximum (80%) money to buy flat was given by him)...a gift..or..by any way...I and my wife also wish to do so and happily agree...so what need to be done and how and what will be the expenses incuure in this procedure..???

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Devajyoti Barman (Expert) 24 January 2016
Well, in that event both you and your wife can gift 40% of your respective share to your father to make him 80% share holder of the property.

Kumar Doab (Expert) 24 January 2016
For the expenses etc you can inquire from SRO.

Advocate Bhartesh goyal (Expert) 24 January 2016
Yes gift is the best option.

Adv. Yogen Kakade (Expert) 25 January 2016
You can gift the 80% share and also entire share in the property to your father..

Rajendra K Goyal (Expert) 25 January 2016
You can gift the required share to your father through registered gift deed.

ADV-JEEVAN PATIL, MUMBAI (Expert) 25 January 2016
Agree with expers

Mehul H Nirmal (Querist) 25 January 2016
Thanks everyone....thank u all so much.....but its not about 80%....we would like to transfer the whole share....so Goyal sir...registered gift deed is the best option...

However...one question..will society accept it and change in share certificate ?

Mehul H Nirmal (Querist) 25 January 2016
Do I need to pay stamp duty ?
Any gift tax ?

Mehul H Nirmal (Querist) 29 January 2016
Thanx...thank u all so much

T. Kalaiselvan, Advocate (Expert) 30 January 2016
Gift deed is another option for this. Stamp duty will be as per the concerned state rules.

K.S.Srinivas (Expert) 04 February 2016
Yes. You can gift the entire property. Stamp duty is as per prevailing rules of the state concerned.

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