Sale of property to daugther

Reena (Querist) 19 May 2014 This query is : Resolved
I have planned to buy my father's self acquired plot and construct a house. He is selling it to be at a nominal price. I am applying for a home loan and hence need the property to be registered in my name. Is there best/cheap way to transfer the plot to my name without paying the registration fee?

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Devajyoti Barman (Expert) 19 May 2014
There is no way to avoid stamp duty.
However of you execute f=gift deed then it is much lesser. In WB it is mere 0.5% only.

ajay sethi (Expert) 19 May 2014
you have to pay stamp duty and registration charges if you want sale deed to be executed in respect of said property

Sankaranarayanan (Expert) 19 May 2014
Gift deed is the best suggestion compare with sale deed the stamp duty is lower %

P. Venu (Expert) 20 May 2014
Full stamp duty needs to be paid even if the land is sold to you at nominal price. The best option is a gift deed.

Guest (Expert) 20 May 2014
Gift deed is the best way.

Advocate. Arunagiri (Expert) 20 May 2014
Settlement deed is the solution.

Rajendra K Goyal (Expert) 20 May 2014
I also go with the suggestion for gift deed provided in your state it attracts less stamp duty and registration. In some states stamp on gift deed and sale is almost equal.

Surrender K Singal (Expert) 20 May 2014
Create a dispute within the family which may then be settled through a Memorandum of Family Settlement to avoid such heavy stamp duty which would be according to the applicable Circle Rate and not as per your agreement with father which is much lower than the Circle Rate. Alternately, . Will is the answer but may not help you immediately for obtaining loan unless your Bank agrees to take your father as Guarntor by mortgaging that property with relinquishment deed in your favour;

T. Kalaiselvan, Advocate (Expert) 20 May 2014
Stamp duty on gift deed or settlement deed is relatively lesser than the sale deed, hence this option may be tried.

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