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Manoj (Self)     09 May 2014

Gift deed in bangalore, karnataka

Hello,

I am having a residential property in Bangalore within BBMP limits. I want to transfer it to my son by making a gift deed. I have following queries - 

  1. What are the documents required for making a gift deed?
  2. How to execute the gift deed? On which paper (judicial or non-judicial) I have to execute the gift deed? Please share the format/sample of gift deed.
  3. What are the Stamp Duty and Registration Fees payable? How should I pay them? Is there any other charges payable?
  4. Is the attestation by notary required? For which documents the attestation by notary is required?
  5. After the transfer of property to my son, do I need to transfer Khata also in his name?
  6. If the Khata needs to be transfered then what is the procedure and documents required? What is the fees payable?
  7. Should I update the Title Deed after transfer of property? How do I update it? What is the procedure?
  8. After the transfer of property, who will be liable to pay property tax? 
  9. After the transfer of property, who will be liable to pay income tax for the rent received from the property?


Learning

 2 Replies

Adv Akhtar Ali Sheikh (Property Law Consultant)     09 May 2014

Dear Manoj,

1. I will suggest that you get the gift deed drafted by a competent advocate.

2. The gift deed once signed by both is deemed to be executed, it will be non judicial paper but franking, echallan etc of other modes of payment may be employed to pay stamp duty.

 3. Registration fee and Stamp Duty differ in various states, in Maharashtra former is 1% subject to maximum RS. 30,000 and latter is 2% without any cap on market value.

4. Attestation is not required, affidavit, indemnity poa etc are required to be notarized.

5. Khata Transfer can be done by your son himself.

6. Apply iwth registered will certified copy and index -2, .

7. Which Title Deed? the gift deed itself is the title deed.

8. The Donee.

9. Same as above at 8.

RAKESH KUMAR JAIN (computer professional)     02 March 2015

Mr. Akhtar Ali Sheikh, thank you for your very informative reply. I have a few doubts (though you might have already replied these partially). Kindly do reply:

1. Once the Gift Deed has been executed & registered with sub-registrar, can I apply for Khata in donee's name? What documents need to be attached?

2. Do I need to obtain Encumbrance Certificate from Sub-registrar before applying for Khata? Normally, how many days it takes to get EC in Bangalore?

3. Do I need to register property once again with sub-registrar after obtaining new Khata in Donee's name? What charges are to be paid (registration & stamp duty)? Should charges be paid in cash or through DD (in whose name the DD must be made)?

4. Normally how many days it take to get process (in step 3) completed in Bangalore?

5. Can any of the above procedure be completed through SAKALA in Bangalore?

6. I hear term Title Deed. What is the difference between Title Deed & Sale Deed? I have sale Deed for my property (received at the time of purchase of property) but do not remember of receiving any Title Deed?

Your quick replies will be very helpful.

 

 


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