Gift deed for property
Querist :
Anonymous
(Querist) 21 August 2024
This query is : Resolved
i have taken property(flat) which is under construction on my name and the stamp duty registration being done, but initially my father paid some amount to builder , so is it necessary to make gift deed
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T. Kalaiselvan, Advocate
(Expert) 22 August 2024
Your father paid some amount towards the purchase of the property, if he wants is back then you can treat it as loan or if he agrees to not to demand it back then it can be considered as gift from him
Querist :
Anonymous
(Querist) 22 August 2024
Considering it as gift do we need to make it as a gift deed stamp duty because one of the lawyer was demanding of 4K for making it and builders are asked to make it gift deed
T. Kalaiselvan, Advocate
(Expert) 22 August 2024
If your father has given it as a gift to you then just obtain a formal gift deed in a plain paper about this with date and reason.
That is sufficient, there's no stamp duty or tax payable for a father gifting money to son.
Querist :
Anonymous
(Querist) 22 August 2024
Even after father paid through cheque to builder then too not required na sir
T. Kalaiselvan, Advocate
(Expert) 22 August 2024
It is a gift from your father to you whether the payment made to you or to the builder directly, he is not the party to the sale agreement and he made this payment on your behalf to the builder hence it can be considered as gift from your father to you, therefore just ask him to execute a gift deed on a plain paper duly signed which is sufficient.
Querist :
Anonymous
(Querist) 22 August 2024
Thank you so much sir
kavksatyanarayana
(Expert) 22 August 2024
You purchased the property in your name and for buying that property your father paid some amount on behalf of you to the builder/seller. So why do you raise the question of gift? Ask your father whether he gave the amount on a loan basis or just helped to purchase the property.
Querist :
Anonymous
(Querist) 22 August 2024
just helped to purchase the property nothing else also we don’t had any objection to include him also in property but being at the age of 56 we were getting issues in loan tenure , so he himself opted out
T. Kalaiselvan, Advocate
(Expert) 23 August 2024
That is fine, you rather do not include him as one of the owners, let it be a gift itself so that the future legal issues can be avoided by not including him as one of the owners of the property.
Querist :
Anonymous
(Querist) 25 August 2024
still they are saying its banker’s policy they need gift deed (icici bank )
