Flat transfer

PRACHI (Querist) 28 January 2013 This query is : Resolved
My Client is having flat in his own name . Now he wants to transfer 50% share to his wife. what will be the procedure for the same

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ajay sethi (Expert) 28 January 2013
he should execute a gift deed in favour of wife for 50%. have it duly stamped and rgd

R.K Nanda (Expert) 28 January 2013
agree with Sethi.

Anirudh (Expert) 28 January 2013
The execution of GIFT Deed will involve payment of stamp duty. The value on which the stamp duty is payable is the value of the 50% of the flat. The stamp duty applicable is similar to selling of the 50% of the flat. Therefore, think several times, before doing things. More over, what is the objective/purpose behind the client wanting to transfer 50% of the flat in favour of his wife?

ajay sethi (Expert) 28 January 2013
gift deed attracts 2%stamp duty . conveyance stamp duty is more

Raj Kumar Makkad (Expert) 28 January 2013
Anirudh! The stamp duty in all States is at least 2-3 times more than the gift deed so do't equate both at same footing.

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