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question related to gift deed.

Retd. Deputy Sect.

My father and myself are joint owner of a property which is acquired by My father from his own funds. Now he wants to transfer his share of property (50%) to me through gift deed. Is the gift deed required to be registered with the concerned sub registrar's office. If yes shall it attract payment of stamp duty or not. Is this procedure is legally valid for transfer of that share of property in my name?
 
 
 
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Advocate

The gift deed will involve payment of Stamp Duty on the 50% value of the property in question. That will be an unnecessary expenditure. The same effect can be achieved if your father executes a Registered Relinquishment Deed relinquishing his 50% share in the property in your favour. That will involve very minimal stamp duty and registration fee. This is the best option.
 
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FIN

The property that that is bought from self earned funds is of nature self acquired.

The owner can dispose immovable property say by registered gift deed upto his/her share.

IT is mandatory to register the gift deed of immovable property.

The gift is complete the moment IT is give by donor and accepted by donee.

Submit the deed for updating mutations records and obtain certified copy thereafter.

The stamp duty/charges amongst blood relations may be NIL/nominal.

Check Locally in SRO.

 
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