Property transfer as gift from father
Smart Developer
(Querist) 08 February 2012
This query is : Resolved
Hi
I would like to know what charges would incur if my father transfers his property to me and my brothers name as gift?
Also would like to know if will is valid?
Shailesh Kumar Shah
(Expert) 08 February 2012
I would like to know what charges would incur if my father transfers his property to me and my brothers name as gift?
Answer: Rate of Stamp duty is differ from state to state in India. If property situated at Uttar pradesh then stamp duty is 7% of circle rate+ Registration Charges 10100 approx. If property is situated outside the limit of development authority then rate is 5%.
Also would like to know if will is valid?
Answer: yes, It would be better, if it is registered one.
A V Vishal
(Expert) 08 February 2012
As suggested by Shailesh rates of stamp duty vary from state to state, A.P charges stamp duty at 3% plus registration charges at 0.5% of the guideline value of the property. If the right is to be trfd immediately then gift is the best option, however if you want the right to pass upon on a latter date then a will is sufficient.
Deepak Nair
(Expert) 08 February 2012
In case of gift, your father shall make a gift deed and get it registered by paying the applicable stamp duty which depends valude of the property and locality.
Transfer by way of will is also valid, for which stamp duty is not required.
ajay sethi
(Expert) 08 February 2012
where are you located ? to enable experts to aswer your query properly you must mention where you are located as stamp duty dffers from state to state .
your father can make will . no stamp duty is required
Smart Developer
(Querist) 08 February 2012
The property is located in Kerala. And I am in Gujarat.
I have one more query if you could answer please.
My father had married again after the death of my mother, would their kids too be eligible in the property distribution?
ajay sethi
(Expert) 08 February 2012
yes they would be eligible for share in property
Smart Developer
(Querist) 08 February 2012
I forgot to add, she had 2 kids before getting married with my father. Would this still be applicable?
R.Ramachandran
(Expert) 08 February 2012
Dear Binny,
You think over all things, add all things and then declare that there are no more facts to be told here - then we will like to answer your query. Otherwise, there will be no end to your additional and new facts!
Smart Developer
(Querist) 08 February 2012
I am sorry about this sir. Can you suggest me know somebody from Kollam, Kerala ?
Sankaranarayanan
(Expert) 08 February 2012
If your father given the property then you can enjoy once it change the title with pay the apporprite stamp duty. As for as ur other query said that have sstep mother then ur step mother have legal right if the proprty is not made any gift or will deed. As for as the children of ur step mother are eliganble once if any property on her name
Shailesh Kumar Shah
(Expert) 09 February 2012
she had 2 kids before getting married with my father. Would this still be applicable?
Answer: no, they have no right.
prabhakar singh
(Expert) 09 February 2012
Answer to 1st query is that GIFT and WILL both options are available.The former is expensive but it transfers ownership spontaneously while the later is cheaper but it can be changed several times by your father.
KIDS from other wed lock have no right of inheritance in your father's property but their mother has the right.KIDS from former wed lock can claim in their father's property.
Smart Developer
(Querist) 09 February 2012
What after mothers death? Would the property go her kids? Or can we claim for ownership?
Also can she transfer the property to her actual kids when she is alive?
Also can somebody please suggest me a lawyer in Kollam, Kerala?
Chaitanya_Lawyer_Mumbai
(Expert) 08 February 2012
