Re: gift deed/will

harishraj (Querist) 18 January 2015 This query is : Resolved
Respected attorneys,
I am a 29 year old male residing in Pune..I have an elder sister aged 32..My father is retired and my mother is a house-wife..My father has a flat in Vishrantwadi which he inherited from his mother (my grandmother)..My sister has recently been diagnosed with Chronic Kidney Disease and she won't be getting married ,hence my father wishes to give away that flat to her..Even I have no objection to that ..My question to you all is: How much stamp duty is required for making a Gift Deed? What is the procedure? Where do we register the Gift deed?Do we require any affidavit, any NOC from anyone? etc..?Also what is a better option Gift Deed or Will? I understand that a Gift Deed is done when the donor(..In this case my father) is alive and a will is executed after the person's death..But in terms of expenditure, which one is cheaper: Gift deed or Will?
Thank You all
Harish

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Laxmi Kant Joshi (Expert) 18 January 2015
Gift deed is the best option because in this process your father can transfer his property during his life time he is the owner of that property hence he didn't require any sign or permission from anyone , for gift deed he have to pay 1% stamp duty & 2% registration fee on the circle rate of that area , it is costly but safe option , on the other hand he have to pay nominal charges for his registered will , but after his demise your sister have to probate the will from the court and what happened that time nobody knows ,turns of anyone thinking/mind and the property became disputed therefore i suggest you to opt gift deed .

Rajendra K Goyal (Expert) 18 January 2015
Stamp fee differ from State to State, consult local lawyer. Gift deed would effect non reversible immediate transfer of the property while will would come in force after demise of the owner. Will may have to be probated which is time and cost consuming.

ajay sethi (Expert) 18 January 2015
gift deed would attract 2%stamp duty as per ready reckoner rates . plus registration charges . will does not attract any stamp duty . it takes effect on death of testator