Property transfer

gayan (Querist) 09 July 2015 This query is : Resolved
Hi,

1. Is there a way to transfer my property (land, house, locker) to a person who is not at all related to me in anyway without paying any registration cost.The property has been bought by my money and not inherited.

2. In case i register my all property to this person who is not related to me, can it be challenged in court of law by my relatives (like brother, sister, their children)

3. What are the tax implications for the person who is receiving property from me

Kindly reply,

rgds,
Gagan

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Guest (Expert) 09 July 2015
You could do it but Registration fee and stampduty can not be avoided for Transfer.Check the actual expense with your Registrar.

Rajendra K Goyal (Expert) 09 July 2015
Registration fee / stamp fee has to be paid for gift of immovable property.

Tax as per income tax has to be paid for gift received from third person.

gayan (Querist) 11 July 2015
Thanks for the reply.

Can i nominate a non-related person as heir to my property after my death in my will. Can it be challenged in court of law by my relatives.

thanks

Guest (Expert) 11 July 2015
Get the Will Registered and you could execute the will in favour of any one of your choice and there is no binding that they should be your relative only.The Property mentioned in the Will should be absolutely your property where any one other than you could hold any Right

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