tranfer of rights in flat to son

J B Goel (Querist) 26 July 2011 This query is : Resolved
Dear Sir,
I have a flat in Gurgaon.I want to transfer the rights of ownership to my son.the flat has been rented out.I want to gift it to my son in my life-time,without incurring stamp duty on gift deed.Can this be done by means of Family settlement/decree in favour of my son.
J.B.Goel

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ajay sethi (Expert) 26 July 2011
dont be penny wise and pound foolish .

in case you desire to gift flat to your son during your lifetime always advisable to execute gift deed in favour of your son pay proper stamp duty on the gift deed .

if you have a flat in cooperative society make a nomination in favour of your son so that in the event of your death flat will devolve on your son . also execute a will in favour of your son .

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