lexbery (d) 13 March 2013

Property tax implication

dear sir, i have bought a new flat,for which all the payments have been made from my personal account,,i want to make my son 50% owner in my new flat,i want to know how to do under two circumstances: 1.if property is yet to be registered. 2.if the registry of the property is already done in my name. also mention the tax implication under both circumstances and least expensive way thanks

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2 Replies

Advocate Kishor Hajare (Advocate) 14 March 2013

Sir,

1.If the Agreement of the flat is not registered, you simply needs to add your sons name in the Agreement for sale/Sale Deed made with respect to the new flat;

2. And, if the property is already registered in your name; then opt for the gift deed whereby you need to gift half of the share with respect to the said flat in favour of your son which will attracts a very lesser amount of stamp duty and court fee and same is need to get registered;

Regards

Kishor Hajare/9930647734/hajare.kishor@rediffmail.com

lexbery (d) 14 March 2013

some more clarification:if the property is not yet registered

do i have to transfer 50% of the flat amount form my sons account and also reverse my equal 50% share to make him co -owner??

if already registered:if i gift him 50%,can i ever revoke this gift?and how much right will his wife have on this 50% share??

addional query: if the property not yet registerd: do i have to transfer 50% of the flat ammount from my sons account and withdraw equal ammount of my share to make him co-owner??which ways are u suggesting to make him co-owner? if property already registerd: u are suggesting GIFT as the onlty option right?,i shall not transfer if gift is tax neutral and easy option. if i gift him 50%,is it revocable in future by me??

Read more at: https://www.caclubindia.com/forum/property-tax-implication-242328.asp#.UUGq0jffdLk

if the property not yet registerd: do i have to transfer 50% of the flat ammount from my sons account and withdraw equal ammount of my share to make him co-owner??which ways are u suggesting to make him co-owner? if property already registerd: u are suggesting GIFT as the onlty option right?,i shall not transfer if gift is tax neutral and easy option. if i gift him 50%,is it revocable in future by me??

Read more at: https://www.caclubindia.com/forum/property-tax-implication-242328.asp#.UUGq0jffdLk