Salila Ranjan Sahu (Finance) 07 September 2018

Transfer of house property to both sons

My father built a house in his lifetime. He wants to transfer the house to 2 sons (me and my only brother). What are the lowest fees and hassle-free procedures regarding this. Are there any online portal for registration and other formalities for this as I am not living in Odisha now but I can travel if this is absolutely required. A little brief about my family. We are two brothers and one sister to our parent(both alive), I am married now and my brother and sister are unmarried. Everyone is 18+ by age. The property location is in Odisha. One more question, I don't have the details of how much he spent building the house from land to construction. How can I calculate the capital gain whenever I sell the property along with my brother? Any help is appreciated.

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4 Replies

Kumar Doab (FIN) 07 September 2018

Which personal law applies in your case?

Are you all Hindu?

The property is built from self earned/acquired funds by father?

The title is in name of father?

The father must be having details and bills of all expenses incurred and payments made!

Confirm!

Kumar Doab (FIN) 07 September 2018

Generically speaking;

Father can dispose his self earned/acquired property in anyone's favor (both sons as in your query also) without need of anyone's consent..

by a valid/registered deed e.g; sale/gift etc

The state govt might have provided relaxation/waiver in case of transfer amongst blood relation/relatives..

Stamp duty/charges/fee is state subject and may be inquired locally from SRO..

Any senior and honest deedwriter can also guide and help. Check at LOCAL SRO..

The details might be available on state govt website also.

IT is bette rto appear in person and let all sign in presence of registering Authority.

Thereafter get the mutations records updated and obtain copies..

Kumar Doab (FIN) 07 September 2018

Your own CA/Tax consultant can calculate taxes for you..

Or you may post at LCI group website CAClubindia

Salila Ranjan Sahu (Finance) 07 September 2018

Thanks for the prompt response. I'm not aware of the personal law. We are all Hindus, my father has the title. This is a constructed house. Self acquired, not inherited. Since this is not bought from a real estate or some individual, it's constructed he will not have the actual cost of property.