Mukesh (Retd. Deputy Sect.) 19 February 2018

Question related to gift deed.

My father and myself are joint owner of a property which is acquired by My father from his own funds. Now he wants to transfer his share of property (50%) to me through gift deed. Is the gift deed required to be registered with the concerned sub registrar's office. If yes shall it attract payment of stamp duty or not. Is this procedure is legally valid for transfer of that share of property in my name?

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R.Ramachandran (Advocate) 20 February 2018

The gift deed will involve payment of Stamp Duty on the 50% value of the property in question. That will be an unnecessary expenditure. The same effect can be achieved if your father executes a Registered Relinquishment Deed relinquishing his 50% share in the property in your favour. That will involve very minimal stamp duty and registration fee. This is the best option.