Transfer of property to father
Hasham
(Querist) 26 February 2013
This query is : Resolved
Hi Team,
In our family my Father, my Brothers and myself together purchased one property (House) on Loan, as i am working for MNC and i could get the home loan easily, we decided to get the property registered on my name and now the loan is cleared i wanted to transfer the property on My Father's name.
I got some opinions as transfer the property as Gift Transfer, but also got to know if i do so i will end up paying gift tax for 30% of the property value.
Kindly suggest me the easiest way to transfer the property to my Father
Regards
Hasham
ajay sethi
(Expert) 26 February 2013
execute a gift deed in favour of father it attracts 2%stamp duty . have it duly stamped and regd .
DILIP KUMAR AAGARWAL
(Expert) 27 February 2013
EXECUTE GIFT DDED IN THE NAME OF FATHER AND GIFT TAX ACT IS NO MORE IN EXISTENCE. SINCE IT IS FALL UNDER GIFT TO FATHER SO SECTION 56(2)(V) OF INCOME TAX ACT IS NOT APPLICABLE.DETAIL YOU CAN CONSULT SUBJECT TO TERMS AND CONDITION.
prabhakar singh
(Expert) 04 March 2013
If property is in exclusive name of yours,then Gift is the best way.
Among Indians who are MUSLIM,an ORAL GIFT is allowed which does not attract any stamp duty and no kind of registration is required.It is called HIBBA where property is gifted by owner/donor to donee along with handing over possession and the donee accepts the gift and transaction gets complete in law,and it's writing does not attract any stamp duty or registration.
For others GIFT IS POSSIBLE ONLY AFTER EXECUTION OF A DULY STAMPED REGISTERED DEED BY DONOR WITH ATTESTATION OF TWO WITTINESS'S AND ACCEPTANCE by the donee.
For a gift to father or in blood relations, NO GIFT TAX IS ATTRACTED.Information in this regard with you is wrong.
