Kanchan 08 January 2017
My Mom has property(open land) in her name nearby lohgav, pune. At the time of purchase, I(son) have paid the money for this property. Now we wants to transfer the property to my(son) name. Mom dont have any objection.
Property purchased in 2011 at 8.5 Lac. Current value is 15 Lacs.
My queries are as below.
1) What is the best option to do this.
2) How much money will it cost it.
3) Any income tax application for me or my mom
Thanks in Advance!
Kishor Mehta (CEO) 09 January 2017
G.L.N. Prasad (Retired employee.) 09 January 2017
Get the drafting done by an expert incorporating the fact that it is your money, it is being gifted out of love and affection as she was looked after by you and ensure that you too have a right, as nothing can be said on our children in future.
Kumar Doab (FIN) 09 January 2017
It is believed that as per your query your mother is Naani of your son.
Refer to the circular suggested by Mr. Kishore Mehta.
The charges for gift amongst blood relation listed by the state govt are negligible.
You may also consider the practical and valauable suggestion of Mr. G.L.N. Prasad.
G.L.N. Prasad (Retired employee.) 09 January 2017
If you are a Public servant, and not accounted such income or Income Tax assesse reconsider my suggestion of stating that it is your money. All suggestions are given in General, and one has to apply whether there are any other problems or repurcussions in following a suggestion. Never Act blindly as you have to consider pros and cons. Remember members can only suggest, without knowing full facts, consideering the query alone and it is you that has take final decision depending on other facts only known to you..
Kumar Doab (FIN) 09 January 2017
Agreed with Mr. G.L.N. Prasad.
In threads at various Forums like LCI; the members/experts post per limited understanding that is possible from limited information in query/posts.
The online discussions have their own limitations.
The querists should preferably consult their own elders in the family,competent and experienced well wishers, and their own counsels at their own locations and become properly informed before taking qualified decisions.
The ones that would like to be Party In Person for their matters may also go thru text books, information available thru internet.
S S Dahale (agri-profess.) 12 January 2017
In maharashtra, govt had introduced a scheme , by which a person holding open land property , can pass on to very dera realtive ( like in this case - to a grand son) on Rs.100/- notarised document of -RELINQUISHMENT DEED without any realisation
Kumar Doab (FIN) 12 January 2017
Mr. S S Dahale, has shared another prespective.
Input on validity of Notarized Relinquishment deed may pls be shared.
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