FathersAreHumanToo (Service) 17 August 2015

Transfer under construction property as gift deed to mother

Dear Experts,

I have been searching the forum for details about the following, but could not find sutiable answer. Hence i am posting this, Apologies if this is a duplicate thread (Please share the link of original thread if possible).

I have purchased a new Flat in 2012 which is situated in Maharashtra and it is under construction and i have yet not received the possesion of said flat, I also have home loan for the said flat in my name with my mom as co-applicant. I got married in 2014 and have a 3 months son born in 2015, Now as i am expecting a legal dispute due to maritial issues.

I would like to "Transfer" the said flat to my mother until she is alive, So my questions are as follows..

1. How to transfer this immoveable property on my mothers name, So my mom & dad can stay without anyone asking for share in that property?

2. What is the Gift Deed, Who can help me prepare and register the same? What are the charges for preparing the deed?

3. Do i need to pay stamp duty again?? also what is the registration cost of Gift Deed?

4. What happens to the home loan that i have taken for the said flat? is there any impact on that?

Awaiting for positive reply..

Reply Follow

2 Replies

Bharatkumar (ADVOCATE ) 17 August 2015

Hi,

First you got NoC and No Due Certificate from Bank.

1. Thenafter You transfert the said Property by Sale Deed OR Gift Deed, and Registration this Deed at Sub-Registrar Office.

2. For Gift Deed you contact local lawlyer.

3. For stamp duty and registration fee you contact local lawyer or Sub-Registrar office. (Note :- i think stamp duty pay as per rate decided by government.

4. You pay all loan amount first then transfer the said Property.

FathersAreHumanToo (Service) 17 August 2015

Thank you BharatKumar Sir, your your kind reply.. As per the articles that I have read on Internet it mentions that stamp duty is not applicable in Maharashtra for blood relatives, would it be possible for you to comment on state specific rules? Once again thank you for your kind reply.