Transfer of property

Querist : Anonymous (Querist) 06 October 2011 This query is : Resolved
One person has wife,two elder daughters and two yonger sons (all children are married). The person wants to give his property to his one son. The property is in delhi. His son is not in a position to spent a single penny towards the paers/documents of property.What is way out.

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R.Ramachandran (Expert) 06 October 2011
He can give the property by way of REGISTERED WILL to his chosen son. The WILL would become operational after the life time of the person who is making the WILL. This does not involve any Stamp duty.

Querist : Anonymous (Querist) 06 October 2011
What about gift deed?

prabhakar singh (Expert) 06 October 2011
YOU JUST SAID SON HAS NO PENNY TO EXPEND FOR PAPERS.

AND GIFT REQUIRES AS MUCH OF PAPERS

AS STAMP DUTY IN VALUE AS A SALE

REQUIRES,THIS IS WHY WILL SUGGESTED.

IF STAMP DUTY OF GIFT CAN BE PAID THEN GIFT

IS BEST OPTION.

Querist : Anonymous (Querist) 06 October 2011
Will u guide that how much money is required for gift deed if the value of property is about 50 laks.

ajay sethi (Expert) 06 October 2011
where are you located?

i agree will is best option if you dont wan to spend money on stamp duty and registartion charges .

Raj Kumar Makkad (Expert) 06 October 2011
Stamp duty percentage in each State is different. Suppose it is 3% in your State (not told by you despite of demand to tel) then stamp duty of Rs. 1.5 lakh shall be required and some more expenses like registration charges etc. shall also require some more money.

If son is not having money, his father (donor) can bear such expenses.