Joint ownership property with mother - procedure for transferring ownership to single owner

Querist : Anonymous (Querist) 20 December 2011 This query is : Resolved
Hello,

I own an apartment in chennai and my mum's name is also there in the registration documents as joint owner. I would like to transfer it to just my name alone instead of having it as joint along with my mum.

Can you please let me know what is the procedure i would need to follow, how much it would cost and how long it would take.
Also do i need to sign up with a lawyer for this (or) can i approach registrar office directly for this? kindly clarify

Thanking you in advance for your help.

regards

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Devajyoti Barman (Expert) 20 December 2011
Since the property is your joint names both you and your mother are now the co owners of the house in undivided half share.

So to become its absolute owner you need to get the half share of your mother transferred in your name which could be done bu deed of Gift or deed of Relinquishment.

Raj Kumar Makkad (Expert) 20 December 2011
Your mother without the help of a lawyer can directly go the office of the registrar and can register a gift deed favouring you of her share in the flat.

So far as the cost of stamp duty is concerned, it shall be good to enquire it locally as the value of the property is to be multiplied with the rate of stamp duty.

Guest (Expert) 20 December 2011
Agreed with experts.

ashutosh mishra (Expert) 20 December 2011
I also side to do what Mr.PS Dhingra has preferred to do.

Querist : Anonymous (Querist) 20 December 2011
Hello,

A special thanks to all those who have responded on this topic. This is very helpful and appreciate your time and efforts.

Although there is a note from Mr. Rajkumar Makkad regarding the stamp duty to be checked locally, i will sure do that but i wanted to clarify something before that - i believe for a gift deed, stamp duty need not be same as that for purchase of new property (dont know current rate in chennai - is it 12%?) and i guess it would just be in few thousands(around rs. 5000/- maximum) -- Is my assumption correct? Because if they were to calculate as per percentage of property value then the stamp duty i need to pay in lakhs, hence my query.

Thank you all again for your kind help.

regards
sri

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