I have a 2 part question. I hope the experts here are able to answer it for me.
My dad bought a flat in 2004, however the stamp duty and registration was never paid, Now the building in which the flat is was deemed as dilapidated and demolished by the local muncipal corporation ( Thane Dist). We the residents of the building are currently in talks with a builder for redevelopment of this plot. I wanted to know if my Dad can gift this property to Me (which he wants to), if yes, then will i have to pay the previous pending Stamp duty & registration plus the new stamp duty and registration for the gifted property?
Secondly if the property cannot be gifted then what are the other option my which he can transfer the ownership of this house to me?
Mr. Bharat, I thank you for your sugesstion. I had one question. I was told that if the building does not exist ( which in my case is true) then what is the value that the authorities be looking at?
I was told if the building is demolised then either the Resigtration authorities will not register the gift deed or they will do it at Zero value, I dont know if any of this is true. Can you please confirm.