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Pankaj   02 February 2016

Add son as owner to the property

My father had an open plot. I have taken loan to construct it with my father as co-applicant. Now, we have got the completion which is only with my father's name as the original plot was belonging to him. It does not show my ownership in it anywhere.

What are the options do I have to add my name to the property? Will gift deed work? Do I need to pay stamp duty and registration while doing gift deed (I am living in Pune - Maharashtra). I have heard that now for gift deeds we just need to pay registration charges and no stamp duty if property is transferred in blood relation. That is in my case Father to Son.



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 3 Replies

jagannath magar   02 February 2016

Cont to sub registrar under whose jurisdiction your property situated for registration charges.

Kumar Doab (FIN)     02 February 2016

Your father can dipsose the self acquired/self earned proeprty by a valid deed: WILL/Gift/Release/Relinquish/Transfer deed as applicable at your location/state.

The charges amongst blood relation as noted by you are negligible.

You can inquire from SRO.

 

Adv Akhtar Ali Sheikh (Property Law Consultant)     02 February 2016

You can have the gift deed in your favour from your father and register it with 500 rupees stamp duty and 1% of market value of property expenses for registration subject to maximum Rs. 30000.


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