sk das (defence) 08 June 2009

gift of property

dear experts,

i along with my brother bought a flat in navi mumbai in 2003. the flat was registered on my brother's name. at time my my brother took a housing loan for the same purpose.. meanwhile i and my brother took our individual flats also. two years back i sold off my flat and foreclosed my as well as the loan taken by my brother for the first flat which i too had contributed so that my brother can transfer the flat on my name. i would like to know the various proceedure and laws on transfring the property to my name so that no body is chaged extra as this transfer does not involve any sort of monetory benefit ot iether of the parties. thanks!

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V. VASUDEVAN (LEGAL COUNSEL) 08 June 2009

Although the transaction is a Gift, it involves full stamp duty as applicable on the market value and also the registration charges. A gift deed duly executed will have to be registered with the concerned sub-registrar;s office. Additional documents will be : proof of identification for both donor and donee, confirmation of settlement of loan/no objection from the Bank. No objection certificate from the Society. No transfer fee is payable to the Society since this is a gift and they

are oblige to record the transfer in their records and the share certificate. Also attch the Flat's Plan with the registration document.