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joint owner registration of flat to be made single owner


What is the best way to convert joint ownership (Dad and Daughter )of a flat to single owner? I was told that the Dad can make a gift deed and transfer the 100% ownership to the daughter and this can then taken to the registrar and the new registration can be done without spending the 2% registration charges. This is as per the new rule that has been passed. I am not sure of the correctness of my statement, but wanted help in this regard. This will help us to plan the transfer accordingly.Thank you

 
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FIN

The stamp and registartion duty/charges are state subject.

 

Check with society/authority under whose jurisdiction the Flat falls and also SRO and check which shall be most economical and relevant; settlement/relinquinshment/gift deed etc..........and the procedure and charges for it................

 

 

 
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Scientist/Engineer

Society has nothing to do with the matter. If you make a gift still there may be stamp duty. If there are no  other claimants to the property liikely,  you can execute a relinghuishment deed. There are a couple of Bombay High Court judgements which says such relinguishments will not attract stamp duty. A stamp duty of a few hundred rupees may be involved.

 
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