Daughter's right!


Hi,

I would like to know if my father wants to transfer a property (land) in my name, how can it be done?  What is the procedure for the same.

 
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Practicing Advocate

He can executed a gift deed in your favour and get it registered.

 
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Thanks for  replying....

My whole situation is like this....

My father had purchased a land in early 2005. Today, I am in need of cash.

 

My question is...

1.  Can he transfer the land to my name, as a gift?  If so, what is the procedure for the same and what will be the approx. expenditure incurred?  Will there be tax incurred? If so, who will be liable to pay the tax?

2.  Can i immediately sell the land to a third party?

3.  If I am using the sales proceed for the purchase of a flat, (which is going to be in both my husband's and my name) will that be exempted from tax?

Kindly help!!!

 
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Practicing Advocate

Your father can gift you the land. Prepare a gift deed from a lawyer and get it registered in the sub-registrar's office. When the land is transferred in your name, you can sell it immediately.

 
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Will there by any tax?

 
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LAW STUDENT

yes in a gift deed you paid stamp duty .

all state stamp duty is differ ?

 
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