Query - gift deed for property

Querist : Anonymous (Querist) 20 January 2012 This query is : Resolved
Hi,
I have purchased a flat in Mumbai and have registered in the name of me and my Mother. I am married. I understand that after the gift deed I will have to register 50% of the remaining property in my name.
1. Is it valid if my mother writes me the gift deed now and I register the flat afetr 10 to 20 years in my name?
2. What will be the charges in mumbai for the registration?

Thanks.

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ajay sethi (Expert) 20 January 2012
git deed to be valid has to be duly stamped and regsitered . registartion charges are around rs 30,000 .

if you want to avoid paying stamp duty and registration charges ask your mother to make a will in your name if you are the only legal heir .

Deepak Nair (Expert) 20 January 2012
Mr.Sethi has rightly advised you.

I would like to add that, since you and your mother are the owners of the property, your mother can relinquish her share on the property by way of a reliquishment deed in your favour. that too does not attract heavy stamp duty. You have to incur only registration charges.

Querist : Anonymous (Querist) 20 January 2012
Thanks Ajay ji,
Is there any minimum tenure wherein I need to do the registration? Say if the gift deed is written on 2012; to make the deed valid is it ok if I do the registration on 2020?
Thanks in advance.

ajay sethi (Expert) 20 January 2012
registartion within 4 months . if unable to do so further 4 months provided on payment of penalty

M/s. Y-not legal services (Expert) 20 January 2012
yes.. if you are one and only legal heir mean WILL is best one to you..

-tom-

Sankaranarayanan (Expert) 20 January 2012
Well advised by mr sethi

Sailesh Kumar Shah (Expert) 21 January 2012
I have similar views as Mr. Ajay Sethi. It is advisable to you that execution and registration of WILL is best and cheapest option and also fulfill your desired.

prabhakar singh (Expert) 21 January 2012
AGREE WITH MR.AJAY SETHI.

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