shekhar samant (studying) 04 August 2011

Return the property ownership to father

Dear All,

I am studying in last year TY.BMS and my dad has taken a property in my & my brother name as 50-50 % ownership. recently i had a dispute with my parents regarding relocation B'coz for my career i dont feel the house appropriate. So now since me & my brother are both studying & we are above age of 21 but we are not earning would like to give back the 100% ownership of the house back to my father.

Is there any possible way of avoiding the registration cost while transferring the property back to father name ??

Please help

Thanks

Shekhar

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1 Replies

Hemant Agarwal (ha21@rediffmail.com Mumbai : 9820174108) 04 August 2011

1. Officially, IF you wish to mutate / transfer the name of your father in the property records, then stamp duty and registration is compulsory. Since it will be a family affair the stamp duty and registration charges may be greatly reduced.

HOWEVER
2. If the property originally belonged to the father (on records), who then transferred it to the sons and now if the sons want to re-transfer the property back to father, then with appropriate mutual consent terms the transfer agreement between the father to the sons may be revoked, after following due procedures.

In your case point no. 2 is not applicable since the father bought the property directly in the name of the sons.

Keep Smiling ... Hemant Agarwal