I transfer my flat in bangalore to my son
udaybhanu
(Querist) 20 June 2012
This query is : Resolved
I want to know the procedure to transfer my flat to my son. What is the cheapest way of doing this transfer and how long it takes. My flat is in Bangalore. My son is 18 years old.
Thanks in adavnce.
U. Moharana
M.Sheik Mohammed Ali
(Expert) 20 June 2012
you can either give via gift or will, or relinquishment deed.
A V Vishal
(Expert) 20 June 2012
A registered gift deed is the best option, however think twice before you act
Guest
(Expert) 20 June 2012
Transfer it through a registered gift deed after payment of stamp duty.
udaybhanu
(Querist) 21 June 2012
Thanks for your reply.
Mr. A K Vishal : Why do you say think twice before you act ? What is the risk. I am transfering to my own son.
How much is the cost of registration for gift deed. Is there any stamp duty required ? if yes how much in % ?
Thanks,
U. Moharana
A V Vishal
(Expert) 21 June 2012
Once the gift deed is registered it becomes irrevocable (unless there are conditions attached about revocability), you have a long way to go still in life in case your son does not takes care of you in your old age then you can be in a dilema, so it is always prudent to be long sighted than being sorry in the latter part of life. I would suggest you to draw a will so that after your lifetime you can hand the property to him. Will is also revocable at any time. So I hope you have understood my concern.
udaybhanu
(Querist) 21 June 2012
actually I have a unique problem. I live in singapore and to buy govt flat here , in 2010, they have made a rule that you must sell off your residential property within 6 months of buying a govt flat in singapore. I have decided to buy here as rent is very high here. so one option is to transfer to my son. I can not transfer to my wife as she is a joint buyer. I can not also buy any property in india within 5 years of this purchase. so I am looking for advice where I can give my property to my son only for 5 years and get back after 5 years. I may sound funny.
A V Vishal
(Expert) 21 June 2012
Indeed Funny, however, in such case only a gift deed is possible with a condition that the property is re conveyed after 5 yrs.
Calculation of Stamp duty and Registration fee for family members . Family member means family in relation to the donor for this purpose means husband, wife, son, daughter, daughter-in-law and grand children .
1 Fixed stamp duty Rs.1000=00
2 5% Additional Stamp duty on Rs.1000=00.
Rs. 50=00
3 2% Surcharge on Rs.1,000=00.
Rs. 20=00
Total Stamp duty payable
Rs. 1070=00
Stamp duty can be paid by purchasing Non-judicial Stamp papers from Government treasury or write document on plain paper and pay stamp duty in cash or through D.D. in the concerned Sub-Registrar Office.
4 Fixed Registration fee Rs.500=00 .
Rs.500=00
Grand Total Rs. 1570=00*
Shonee Kapoor
(Expert) 21 June 2012
Gift deed.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
