Transfer of property through gift deed
Dharmish Bhupen Shah
(Querist) 20 December 2016
This query is : Resolved
Dear Sir,
I and my father Jointly own a flat in Mumbai. I wash to transfer my share to My brother by way of gift.
Can anyone please help me with the procedure and charges associated with the transaction?
Regards,
Dharmish
Guest
(Expert) 20 December 2016
Better consult A Senior document Writers at concerned Registrar Office.They would help/guide you in all aspects including drafting the documents.It is better you could Execute a Settlement Deed Than Gift Deed which would be Legally Valid and Will Not be Expensive Compared to Gift Deed.
Kumar Doab
(Expert) 20 December 2016
Agreed with Mr. N.J.S.Rajkumar.
Local counsels can guide you the best.
The owner can dispose his/her share by a valid deed e.g; relinquishment/release/gift/settlement/gift etc........
Charges vary from state to state and you can inquire from SRO and society.
This is blood relation ( Brother-Brother) and charges might be negligible.
Also download the society bye laws framed in accordance with Model Bye Laws and Model Bye Laws and relate.
Rajendra K Goyal
(Expert) 20 December 2016
Stamp duty differ from state to state, discuss / consult local registrar office / local lawyer.
Rajendra K Goyal
(Expert) 20 December 2016
In Maharashtra property gifted from father to son attract stamp fee of Rs. 200/-, but this concession does not seem to be available in case of gift from brother to brother.
Confirm from registrar office / local lawyer.
Hemant Agarwal
(Expert) 20 December 2016
INTROSPECT ON THIS:
1. You can execute a Gift Deed "ONLY" IF you had contributed 50% money towards purchase of the Property (Flat). This can be evident from your Income Tax returns.
2. IF 100% money was contributed by Father towards purchase of the Property (Flat), THEN you do not derive any right to execute any Gift Deed, without the Father joining as "confirming & consenting party" in the Gift Deed.
3. Executing a "Gift Deed" of immovable property, amongst real blood relations, in Maharashtra region is very very cheap and legally enforceable 1000% more than a "settlement deed" since a "settlement deed" is legally infructuous in the matter instant, where there is no settlement or dispute involved and on the contrary would involve Taxations, at the hands of receiver.
4. Gift Deed is a result of "natural love and affection" amongst loved ones and without any monetary consideration, WHEREAS there is no such component in "settlement deed".
5. Drafting of Gift Deed is very very cheap in Mumbai.
6. Stamp Duty is 200/-
7. Registration Fee is 200/-
8. Stamp Duty on "settlement deed" is 5% of the market rateable value of the property and Registration Fee on "settlement deed" is 1% (of maximum 30000/-).
Keep Smiling .... Hemant Agarwal
VISIT: http://www.maharashtra-society-help-forum.com
Guest
(Expert) 20 December 2016
Author You Better Consult Your Senior Document Writer in concerned Registrar Office and choose which would be Less expensive for You whether Gift Deed Or settlement Deed It varies From State to State.
Kumar Doab
(Expert) 20 December 2016
Hope you are satisfied.
Adv Akhtar Ali Sheikh
(Expert) 28 December 2016
You make a gift of your 50% share to your brother.
2% of market value is stamp duty and 1% subject to max 30000 is regn. fee.
Rajendra K Goyal
(Expert) 28 December 2016
Expert Hemant Agarwal and Expert Adv Akhtar Ali Sheikh has provided good contribution, author may get benefit.
