Gift deed?
Chitra
(Querist) 09 September 2015
This query is : Resolved
I wish to gift one of my flats to my husband for which I have got the possession and yet to undergo registration formalities which I plan to do soon.
Would he be able to claim the ownership of flat strictly through registration process or a gift deed from me to him would suffice? I expect him to enjoy full entitlement and ownership of the flat including the rights to sell in future.
What are the benefits/drawback of Gift Deed over Registration process?
What is the process / documentation required for preparing gift deed?
Thanks
Chitra
Kumar Doab
(Expert) 09 September 2015
You can gift when you attain status of owner or equal to that of an owner.
As per prevailing rules : Without registration can you become owner?
Once you gift the property should attain status of self acquired for your husband and thereafter he can have right to sell also!
Anirudh
(Expert) 09 September 2015
If you have planned to gift a flat to your husband, and if you have yet to obtain the registration in favour, THEN, you can straight away ask the builder/seller to register it in the name of your husband. That way you will save considerable amount of stamp duty. (Otherwise first you have to pay stamp duty for getting the flat in your name, and then again incur stamp duty (it may be incurred by your husband or you does not matter) when you gift it to your husband.
The above suggestion is if you have booked the new flat just like that and not for the purpose of claiming exemption from payment of capital gains tax.
Rajendra K Goyal
(Expert) 10 September 2015
You can gift it when you attain status of owner or equal to that of an owner.
T. Kalaiselvan, Advocate
(Expert) 18 September 2015
You will be able to gift the property to your husband or anyone when you legally own it and possess a marketable title to the property which can be possible only after you get the registered sale deed of property in your name.
After that you can execute a registered gift deed in your husband's favor to make him entitled to be an absolute owner to the property with full legal rights on it exclusively on his name alone.
