Stamp duty & registration fees in mumbai
Querist :
Anonymous
(Querist) 06 September 2011
This query is : Resolved
Sir,
A residential flat in Mumbai is to be transefered from Mother to son, from the point of lesser stamp duty and registration fees what will be a better option to prepare a transfer deed or to prepare a gift deed.
Thanks
R.Ramachandran
(Expert) 06 September 2011
If you want to avoid cost, and not in a hurry to get the flat in your name immediately, better go for Registered WILL from your mother. The WILL will become effective after the life time of your mother. This will involve least cost. All other method including GIFT will involve the same amount of stamp duty and registration charges on the value of the property in question, as applicable for conveyance (sale) of the flat.
prabhakar singh
(Expert) 06 September 2011
an appropriate answer already given by Mr.Ramachandran,nothing i need to add except that if you have brothers and sisters and the property is desired to be owned exclusively by you then will proposed should be very care fully drafted by an experience lawyer of the field and matter OF exclusion of others should be well explained so that anticipated future dispute may be adequately stands guarded.
ELSE GIFT IS THE ONLY OPTION BUT IT WILL ATTRACT FULL DUTY AS ALREADY POINTED BY Mr. Ramachandran.
Querist :
Anonymous
(Querist) 06 September 2011
Thank you Ramchandran Sir and Prabhakar as rightly pointed out by Prabhkarji, I have two brothers and a sister, and a Advocate I had consulted was of the opinion that to avoid inconveience in future it will be advisable to keep an NOC handy from all of them to avoid problems in future.
Thank you again
prabhakar singh
(Expert) 06 September 2011
People ignore there admissions when they desire to litigate is the experience in India,so I would not like to bank on a NOCs unless the same is so devised that it becomes part of the Will proposed to be registered or itself gets registered, else in future it may be denied to assail the Will and to prolong the litigation.
R.Ramachandran
(Expert) 06 September 2011
For your mother to grant a WILL in anybody's favour, she needs no NOC. She is legally within her rights to leave a WILL.
If the WILL is registered with two attesting witnesses (who should not be the beneficiaries)and who preferably should be relatively young so that in case of need, they should come and depose before the Court as attesting witnesses, that should be sufficient.
In spite of all these, your brother(s)/sister(s) may/can still raise objection to the WILL and challenge its genuineness. One has to face it and successfully defend the WILL. If a WILL is registered, then with the able support of the attesting witnesses, it should be possible to defend the WILL.
If your brother(s)/sister are in good terms with you currently, and are agreeable to the WILL being in your favour, then instead of getting NOC, if possible you can ask them to sign as witness to the WILL. Once they happen to be a witness to the Will, then they will not be able to protest against the WILL later on.
ajay sethi
(Expert) 06 September 2011
it is in your interest that property be transferred at the earliest . it is better you dont consider the cost angle and have flat transferred through gift deed . since its an internal transfer society wont charge you transfer charges for transferring flat in your name
Shastri J.K.
(Expert) 06 September 2011
I agree with mr.ajay sethi
