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
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................
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.