Transfer of property from father to son
Pragati Ghadi
(Querist) 26 April 2022
This query is : Resolved
Property(Flat) under gavthan in vichumbe Panvel navi Mumbai what is procedure to transfer property from father to his son? what is stamp duty? total cost of transfer of property?
Harinarayan R. Tripathi
(Expert) 27 April 2022
Hi,
Transfer of property from father to his son may be effected by executing a Gift Deed out of natural love and affection. The Gift Deed is to be prepared, stamped, executed by father and son and registered with the concerned sub-registrar of assurances. Stamp duty shall be paid on the basis of the determination of market value of the property. Any local Advocate may be consulted for completion of entire transaction as it requires various procedural formalities at office of the concerned sub-registrar and various other authorities for getting the property duly transferred in name of the son in all the Government records including revenue records.
Thanks
kavksatyanarayana
(Expert) 27 April 2022
Your father may execute a Gift deed in your favour. And to my best, the stamp duty for Gift deeds is 3% on the market value of the property or the party's value whichever is higher and in favour of family members i.e. husband, wife, son, daughter, brother, and sister, etc,. However, consult in local S.R.O. as the stamp duties vary from one state to another state.
