Tichra
(Owner)
05 January 2020
Hi, I have purchased a property in Bangalore 7-8 years ago, as a Joint Property with my wife. Since then, I have acquired foreign nationality, while my wife is still holds Indian passport (NRI). I want to gift this property to my father. I am not living in Bangalore currently and my family lives in a small town. 1. Is it possible for me and my wife to register the property on my name first and then gift this property to my father? ( i have some questions here, if I can go with this: i. Being a foreign national, am I allowed to register the property (at Karnataka), with my wife (NRI)? ii. can we both together execute the gift deed to my father. iii. What is the stamp duty that I need to pay for this gift deed (to my father) iv. does my father have any tax implication, as a result of receiving the immovable asset. He has no other major income stream. 2. I have another option to relinquish my rights from the property and then my wife can gift this to my father (her father-in-law). in this option, as well, I have some questions: 1. Can my wife execute the gift deed to my father (her father-in-law)? 2. What will be the stamp duty that is required to be paid (as per the guidelines, I didn't see, father-in-law was not mentioned, where there is reduced stamp duty). 3. Can we execute the gift deed, even prior to registration, such that, the registration can directly happen on my father's name?
Regards