Stamp Duty on Gift Deed
Priyanka
(Querist) 02 May 2009
This query is : Resolved
Dear Experts,
Please let me know, about drafting, Stamping & registering of a Gift Deed. In short, the entire procedure involved in preparing a Gift Deed.
Thanks in advance.
Priyanka Agrawal
A V Vishal
(Expert) 02 May 2009
Dear Priyanka,
What is being gifted and to whom, kindly specify to advise properly.
Priyanka
(Querist) 02 May 2009
Dear Mr Vishal,
Thanks for replying.
Well we need to gift a immovable Property from a son to his father.Currently, the Property is mortgaged with the Bank.
My Queries are,
1. Whether a son can gift the property to his father?
2.If yes, then, in that case, whether father will have to pay Wealth Tax for this property.
3. Since the property is mortgaged with the Bank, will the society allow the son to gift the property to his Father?
Thanks in advance
Priyanka
A V Vishal
(Expert) 02 May 2009
1. Whether a son can gift the property to his father?
Ans. Yes, a son can gift his property to his father.
2.If yes, then, in that case, whether father will have to pay Wealth Tax for this property.
Ans. It is a residential house, wealth tax is not applicable, however if the father owns more than 1 residential house then it attracts wealth tax. Moreover, wealth tax is applicable only if the net assets are more than 15 lakhs.
I have a doubt can you clarify is it wealth tax,income tax or gift tax.
3. Since the property is mortgaged with the Bank, will the society allow the son to gift the property to his Father?
Ans. It depends on the terms of the mortgage deed rather than the society, since mortgage deed has specific clauses to stop any alienation of the property by the mortgagor to others.
ESTHERPRIYA
(Expert) 02 May 2009
Dear Priyanka you are making a burden gift in which you also shifting the burden of debt along with property to your father... This should be shown as a clause in the gift deed and the donee/Acceptor should give his consent to accept such gift along with burden.This is essential in your case.
n.k.sarin
(Expert) 02 May 2009
I think Ms.padampriya is right
A V Vishal
(Expert) 02 May 2009
But the main point is that a mortgaged property cannot be gifted
Y V Vishweshwar Rao
(Expert) 03 May 2009
I do agree with Padmapriya and Mr sarin
The Property can be gifted to father by son , subject to mortgage and with the consent of the Donee to take the responsibility to pay the mortgage due amount .
