Surrender of share in property

Jigar (Querist) 12 December 2010 This query is : Resolved
Hello,

I wish to know how can I surrender my joint ownership of Flat with my Mom and is there any fees or registration I need to abide to ?

My Mom and me are 50:50 owner and I have shifted to another location and wish to surrender my share to my Mom.

Please advice

Follow Query

Report Abuse

Adv Archana Deshmukh (Expert) 12 December 2010
You can execute a release deed of your share in favor of your mother and register it with the sub-registrar.

adv. rajeev ( rajoo ) (Expert) 12 December 2010
Execure the regd., rights relinquish deed in favour of your mother, there will be a minimum stamp duty for it.

SAANJAAY GUPTAA (Expert) 12 December 2010
yes Agreed with Mr. Rajoo.

Sri Vijayan.A (Expert) 12 December 2010
Release deed or relinquish deed in favour of mom
It has to be registered in registrar office.
There will be a concession in Stamp duty and regn fee. Regardng concession, consult the registrar concerned.

Advocate. Arunagiri (Expert) 12 December 2010
Well advised by Mr.rajoo and Archana.

Arun Kumar Bhagat (Expert) 12 December 2010
You can also execute a gift-deed. Stamp duty in case of mother-son shall be .5% of the municipal value.

s.subramanian (Expert) 12 December 2010
I agree.

Advocate Bhartesh goyal (Expert) 12 December 2010
I agree with all experts.

Devajyoti Barman (Expert) 12 December 2010
yes

Jigar (Querist) 13 December 2010
Thanks a lot for your advices... Much appreciated..

If a gift deed is executed will I be subject to tax on the value of my share of flat.?

Jigar (Querist) 13 December 2010
Is there any online guide to the property laws in Mumbai ?

Khaleel Ahmed Mohammed (Expert) 18 December 2010
For gift deed no tax not applicable.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries