Removal of co-ownership
surajp21
(Querist) 13 May 2013
This query is : Resolved
Dear Sir / Madam,
I have one more query as follows:
When I registerd and got possession of my flat in 2006 located in Panvel. For safety or someother reason, my mother asked me to add my father as co-owner of the said flat. And accordingly the said agreement was registered and executed. I paid entire money for the said flat.
Since my father is getting older, he is not in position to attend / carry out any work related to property like leave & license agreement etc and now wish to remove his name as co-owner of the said flat.
I wish to know how can I do the same? Do I need to register fresh agreement and pay any stamp duty etc. I wish to know the procedure and charges etc.
Kindly guide me.
Thanking You,
Suraj Patil
V R SHROFF
(Expert) 13 May 2013
release deed OR family arrangement OR gift deed & OR POA +_regn it.
Nomination / WILL/ AFTER DEATH
ajay sethi
(Expert) 13 May 2013
your father can execute deed of gift in your favour have it duly stamped and registered . it attracts 2% stamp duty .
surajp21
(Querist) 13 May 2013
Thank you very much Shroff sir and Sethi sir.
Sir,
1)on which amount this stamp duty will be applicable (on market value on the date of execution of the deed)? and this 2% will change for Panvel??
2) All these deed viz. release deed OR family arrangement OR gift deed & OR POA will attract stamp duty??
3) Whether After death situation will also attract stamp duty or it will automatically lapse??
ajay sethi
(Expert) 13 May 2013
for gift deed stamp duty is on market value of flat in panvel .
all documents attract stamp duty . for release deed stamp duty is nominal if between family members
as far as will is concerned your father can bequeath flat to you . will does not attract stamp duty . but if you want probate you have to pay court fees .
surajp21
(Querist) 14 May 2013
Thanks Sethi sir for your valuable advice and thanks Makkad Sir too.
