Transfer of 50% ownership in flat by my father
pramod
(Querist) 26 December 2016
This query is : Resolved
I and my father are co owners in a flat situated at mira road, mine is first name and i have made all payments from my bank account only. Now my father wants to transfer his 50% share to my wife to avoid any future family disputes as i have 1 brother and sister. Please suggest what is best way to do in following with cost :-
1. By way of gift deed (is stamp duty payable)
2. By nominating my wife in society
3. through will (my father is having 3-4 other properties as well, can he write will for this property singly)
plz advice.
Ms.Usha Kapoor
(Expert) 27 December 2016
let your father transfer flat property by registered gift deed in your wife's name.only nominal stamp duty is payable.
rajeev sharma
(Expert) 27 December 2016
you may get a relinquishment deed (Release deed) executed in your favour that will attract less stamp duty than gift deed . Yes a will in respect of a single property may be executed.Mere nomination in the record of society does not tansfer title in favour of your wife
Rajendra K Goyal
(Expert) 27 December 2016
Gift deed is appropriate.
He can bequeath a will.
In Maharashtra, probably stamp fee / duty would be 5% in case of gift from father in law to daughter in-law. However, stamp fee differ from state to state, discuss / consult local registrar office / local lawyer.
Nominee is trustee, legal heirs can claim the right from nominee.
Adv Akhtar Ali Sheikh
(Expert) 28 December 2016
With due respect I would like to point out that none of the answers above is correct from stamp duty point of view.
You may legally transfer the flat by paying total Rs. 400 stamp duty and 400 rupees registration fee.
What you have to do is Transfer by gift your half share to your wife Stamp duty 200 rupees + 200 rupee Regn. fee.
Then let your father gift you his half which would entail only 200+200=400 rupees stamp duty and regn. fees.
It cannot be in any other order because gift between very close and defined relations for residential and agricultural properties is only 200 rupees.
The above method suggested to you falls under that scheme.
Rajendra K Goyal
(Expert) 28 December 2016
Expert Adv Akhtar Ali Sheikh,
I have tried to give applicable rate on given relation in direct way.
Your suggestion can save stamp through indirect way.
