adding names to a property

Querist : Anonymous (Querist) 09 June 2011 This query is : Resolved
My dad has a commercial premises on ownership basis on his name..Now he is willing to add our names i.e me and my brothers name into the said property..Also he wants my brother to be the first owner for the same..what is the procedure to be followed to add the names to the said property

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Devajyoti Barman (Expert) 09 June 2011
Her can transfer a part of his full ownership in your favour by way of executing a deed of gift.

prabhakar singh (Expert) 10 June 2011
MR.Barman is right.GIFT is the answer,only a part is advised to save up on the cost of stamp duty.

Querist : Anonymous (Querist) 10 June 2011
Agree with you mr prabhakar and mr.barman so do you mean to say if a part is only transfereed there is no need of paying Stamp duty and reg fees on that????

prabhakar singh (Expert) 10 June 2011
no! i do not mean that,i mean that it will reduce cost as valuation of a part would be less. BUT All stamping and registration would be required.

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