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Premal Betai (Self Employed)     05 October 2011

Transfer of property from father to nominee son

 

Brief

A flat was baught in Mumbai from sale/purchase of Mumbai houses that was initially received from Grandfather.

FATHER HAS 3 CHILDREN, a, b & c. 

Said flat in Mumbai is owned by Father and Son b

Father wants to transfer all titles/ownership to son b. 

Can you please explain:-

1) Should the transfer take place by way of

                 i) Gift Deed

                ii) Release deed

               iii) Relinquishment deed

               iv) Any other legal document

2) If the flat is valued at say Rs.60 Lacs, what would be the applicable stamp duty, gift tax etc ?

3) Objective is so that no person nor their heirs could raise any claim towards the said property at any point in time

All suggestions and opinion would be highly appreciated.

Thank You.



Learning

 2 Replies

Hemant Agarwal (ha21@rediffmail.com Mumbai : 9820174108)     06 October 2011

1.  The best and the most easiest way to transfer the property is by a Stamp Duty paid Registered  "GIFT deed", executed in the life-time of the Gift maker.  This eliminates all future disputes, from other known and unknown legal heirs.


2.  For Gift deed, between blood relations, a 2% stamp duty and a 1% registration fees is applicable
.


Keep Smiling .... Hemant Agarwal

Trilok Nath Saxena (Lawyer)     16 October 2011

After liquidation of property the cash received does not termed as ancestral property therefore subsequent purchases of property from that cash is technically a self acquired property. Rest advice given by your another well wisher is right and lest expensive way. Yours T N Saxena

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