raj shahni (a) 16 February 2015

Internal transfer of property in blood relation

Hello,

I have 50 var of tenament on my mother name in Ahmedabad, i want to rennovate that tenament fully, so i need loan on that property (mortgage loan require is of Rs.15 Lac), for that i want to transfer that property on my name and also need to add name of my wife, so loan is easily get on both of us income document.

my mother and father have no objection to transfer, so can you please advice me what is legal procedure of it and what is way so that i can not able to pay stamp duty for that.

Property value is approximately 25 lacs.

Thanks

Raj

Reply Follow

6 Replies

adv. rajeev ( rajoo ) (practicing advocate) 16 February 2015

Your parents will have to execute the rights reqlinquish deed

raj shahni (a) 16 February 2015

what is fees & procedure to prepare reqlinquish deed ?

saravanan s (legal advisor) 16 February 2015

You can also ask your mother to gift you through a gift deed..

saravanan s (legal advisor) 16 February 2015

Also there is no tax for gift deed

raj shahni (a) 17 February 2015

sir, thanks for guidance..... but one on my local laywer told that stamp duty also imposed on gift deed..... is that correct?

Jaya Pathak (Paralegal) 20 February 2015

Yes you need to pay stamp duty on gift deed.....

Is the property purchased by your father in your mother's name or she got it from her parents? It will be better if you can mention the source of origin of this property in the name of your mother.

Originally posted by : raj shahni
	sir, thanks for guidance..... but one on my local laywer told that stamp duty also imposed on gift deed..... is that correct?