tranfer of rights in flat to son
J B Goel
(Querist) 25 July 2011
This query is : Resolved
Dear Sir,
I and my wife have a flat in Gurgaon,almost 50% of cost of flat was given by NRI son to his mother as a gift.The flat has been rented out.We want that rent on this property be given to my son & his spouse.We dont mind gifting the property to them.What is the cheapest method to transfer the property/income on rent to my son, so that rent income is not accounted in my books.
J B Goel
R.Ramachandran
(Expert) 26 July 2011
If you have to gift the property to your son/daughter-in-law, then you have to pay the applicable stamp duty and registration charges.
Without being a owner of the property, your son/daughter-in-law cannot get the rent in their account.
I do not know what is your objective - are you thinking in terms of some tax saving by this method? Please clarify.
AMIT SANKLECHA
(Expert) 26 July 2011
Dear Mr. Goel
According to the best of my knowledge, the cheapest way to transfer a proprty in favour of your son is to file a Civil Suit for partition againast you by your son & then file a comperomise in the same suit & then transfer the same proerty by applying court to order the Concerned Dept to enter the name of your NRI son in the proerty card of the flat.
According to me this is the cheapest procedure to transfer the property by settlement suit.
Hope this will help you.
For any furthur query, please do revert back at ameet.sanklecha@gmail.com
Regards
Amit Sanklecha
R.Ramachandran
(Expert) 26 July 2011
Dear Mr. Amit,
If the property is self acquired, where does the question of partition suit lies?
prabhakar singh
(Expert) 18 September 2011
TRULY SAID BY Mr. Ramachandran,a suit and compromise therein is not a panacea for every legal problem we con front with in life.Even a compromise in this case is a nullity and illegal and void unless the same gets registered after paying due stamps.
In case the matter is restricted to show rents as income of your NRI son ,many solutions are possible provided you clearly tell that you want.
yesterday you were answered by me by an other post of your's from where only i came to know about your this post where Mr.Ramachandran has pointed you about this and another post. Any way my view on the topic is as expressed there and so is also here.
Thanks to Mr. Ramachandran for getting me aware of your this and one another post to check with,which i fail to detect on my own
perhaps for want of some technical knowledge.
