one flat was purchased in aug 2008 in the name of son (a) and mother (b).Son paid Rs 10 lakhs and mother paid Rs 36 lakhs for a toatal cost of Rs 46 lacs..In 2009 son was paid Rs 10 lacs by mother and since then mother is showing the flat in her name in income tax returns and also the rent income.
Flat was originally registered in the name of son and mother in the sale deed and society too.
Now mother want to give flat to the son as a gift .As the flat is standing in the name of son and mother and would continue to be like that .
1. Can she draw a gift deed for the purpose.
2. What would be the stamp duty for the gift deed .(property is in Mumbai and is in a co op society)
3.As the flat would continue to be in both names of son and mother ,is it necessary to inform society .
4. whether any gift tax is to be paid.
Thanks and regards.