crmitprof (Mgr) 08 April 2012

Transfer flat by gift deed

Can anyone please guide me on this?

1. I have a flat in Bangalore which is registered jointly between me and my wife

2. I plan to gift it to my br-in-law or sister as part of our family dealings. Since they are NRIs they cannot travel often.

I want to know if

1. If it beneficial to transfer the property to my Sister through a gift deed- In this case will re-registration of the flat apply-Will there be any rebates on the same if it is a transfer within family?

2. If my wife is not able to travel due to any reason can she provide a NOC or Power of attorney empowering me to transfer the property to my sister?

Pls clarify-Thanks in advance-Shahul

Reply Follow

2 Replies

Adv.R.P.Chugh (Advocate/Legal Consultant (rpchughadvocatesupremecourt@hotmail.com)) 08 April 2012

Dear Querist,

Your wife being the co-owner would have to relinquish her share in the property, or execute a POA in your behalf - to enable you to gift it to your sister. Gift Deed duty is minimal in near relations. Since they are outside India - they can appoint by GPA a person to receive the property on their behalf and to do registration formalities. This GPA by them has to be notarized by Indian Consul in their Country.

Feel free to talk !