Transfer of Property

Jigar (Querist) 11 October 2010 This query is : Resolved
I wish to know how do we transfer a property share from a son to father. I am joint owner of flat with my mother in Mumbai. I wish to transfer the rights to my father as I have shifted out states. I want to know how can we avoid any tax on this.
Is there a way in which I can resign from my membership and my mother becomes the full owner of the flat

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Devajyoti Barman (Expert) 11 October 2010
I think you could execute a Deed of Gift which saves a lot of stamp duty.
If the flat is of any Society then after the transfer you have to resin from the membership and then your father can become a member on the strength of that gift deed.

pawan sharma (Expert) 12 October 2010
now the duty on the sale deed and gift deed mostly same.

soumitra basu (Expert) 22 October 2010
I am sorry Mr. Pawan Sharma. Gift to relative is only 0.5% on the market value of the property in West Bengal. In other case it is 6%.

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