Stamp duty on property
saurav
(Querist) 24 August 2014
This query is : Resolved
Hello Sir,
I wanted to transfer my flat in Delhi to my father. I have following queries in effect to the above transaction:
1) Since it will be without consideration, I will transfer flat throught sale deed, However I wanted to know whether I need to pay stamp duty + Regsitration charges to the government. If yes, what would be rates? Is there any concession on rates in blood relation?
2) Flat in currently on home loan. what are the tax implication on:
a) transfer on property
b) home loan deduction (80C and 24b of IT ACT)
Anirudh
(Expert) 24 August 2014
1. First and foremost, you will not be able to transfer the property in the name of your father, WITHOUT THE PRIOR CONSENT, of the Bank from where you have availed home loan.
2. Please indicate the reason why you want to transfer the property in the name of your father?
ajay sethi
(Expert) 24 August 2014
Mr anirudh is absolutely correct . you have mortgaged flat to bank for home loan . without bank consent no third party rights can be created
Raj Kumar Makkad
(Expert) 25 August 2014
You need to first get the mortgage redeemed from the banker and only then you can create third party interest therein without the permission of the bank.
saurav
(Querist) 30 August 2014
In case if I repay the whole amount of loan then
1) Can I transfer my flat at Delhi to my father through sale deed/ Gift deed without consideration?
2) What would be the stamp duty I need to pay in order to transfer the title?
3) what are the tax implications?
Anirudh
(Expert) 30 August 2014
You are yet to answer my query:
Please indicate the reason why you want to transfer the property in the name of your father?
Please remember, it is a two-way traffic.
saurav
(Querist) 30 August 2014
There is some dispute property between father and my wife. Hence, wanted to transfer title to father and my wife.
Raj Kumar Makkad
(Expert) 01 September 2014
There is no legal hurdle is implementing your desire once you get clearance of the mortgage.
