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transfer property to daughter


If my father wants to divide his single property between me and my married sister after his death, what is the best option. Currently property is in his name and 2nd name is mine. He wants to give 25% stake to sister.

1) Should he add her name now in this? How would the share be defined? Would stamp duty and registration be involved? How to calculate?

2) Can he do this in his will? Will stamp duty be payable at that time also?

Thanks

 
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Adv P & H High Court Chandigarh

The best option is will. Your father can make a will and can get it registered upon which you may become one of the witnesses and there is no requirement of any stamp duty at the time of change of name after death of your father if the property is not situated in 4 metro cities.
 
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Mr.Makkad,

thanks for the reply. the property is in mumbai. presently father owns 100% and my name is joint second. he wants to give 25% to sister. so it is better to do by will in your opinion?

How to calculate stamp duty? I have taken information of our property from MCGM website and there is a value under "Current Ratable Value". What is this?

 
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ADVOCATE

No stamp duty when u MAKE  WILL. It's not necessary to registered / notrized the WILL. SO the better way to MAKE A WILL. 

 
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practicing advocate

IT is better to register. There is no stamp duty, what is the stamp duty will be paid at the time of registration of the will is sufficient. After the death of executant you can get enter your name to the property on the basis of the will.
 
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