cstar-chennai (engineer) 09 December 2009

Transfer of property from father to son

Hi, I purchased a plot in the name of my father as I was not physically available during registration. Now, I would like to register the plot under my name. What is the cost-effective way of registering the plot in my name. Will gift registration work? if so, how much would it cost?

Thanks

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3 Replies

Vineet (Director) 09 December 2009

As per article 33 of schedule I of Indian Stamp Act applicable in Tamilnadu, there is no relief from stamp duty in case of gift of immovable property. Hence you will have to pay stamp duty on market value o property as if the same is conveyance.

Stamp duty on immovable property within Chennai Metropoletan area is 6% as per GO Ms no 177 dated 20-11-2003.

V. VASUDEVAN (LEGAL COUNSEL) 11 December 2009

Settlement Deed would be be an ideal option where the stamp duty would be minimal. Mr. Vineet may good enough to provide the current rates of stamp duty as applicable in T.N.

Vasudevan

Nali Seshu Kumar (SOCIAL WORKER) 17 December 2009

gift deed to show the recitals the transfer is purely out of love and affection minimam stamp duty is sufficient but the stamp duty is the state enactment it is differs from state to state .tamilnadu registration official website helps to you,exact rates on the instrument .