Transfer thru will or gift deed
downto earth
(Querist) 06 October 2012
This query is : Resolved
Hello All,
My father wants to transfer a 2bhk flat in a cooperative society (in dist thane, mumbai) which is in his name and fully owned by him. He wants to transfer it to his youngest son who is staying with him (father has 2 other sons but staying separately and married). Needed suggestions as to how to transfer it to his son so that minimum fees/stamp duty is incurred.
1) Should the father make a will or just transfer thru gift deed?
2) Incase transfer thru will are there any stamp duty or charges to be paid?
3) Incase of transfer thru gift deed please suggest the approximate % of stamp duty to be paid. Will the stamp duty be calculated on property value ?
Kindly help. Thanks.
Kiran Kumar
(Expert) 06 October 2012
Will comes into operation only after the death of the person.
there will not be any immediate transfer in case of will....if this path is chosen then its advisable to make a registered will.
for court fee in case of gift deed, pls visit some local lawyer for proper advice...the CF varies from state to state.
Sri Vijayan.A
(Expert) 07 October 2012
I suggest you for settlement deed, stamp duty and registration fee are less.
In addition to this, get signature of other sons (or atleast one) as witness.
