Hi,
I bought a plot of land in 2006 in my native place in Tamil Nadu. I was then unmarried and based out of Mumbai and had hence purchased the land under a joint name with my father and had also given a
PoA to my father for executing the agreements etc. In 2008, I availed a housing loan based on my financial capacity alone, as my father is retired and has no source of income (for construction) and duly
finished construction of a house on the land in 2009.
Now that I am married, my father wants to transfer the property to my wife's name to keep the ownership of the property clear .
Can we accomplish the same by means of a gift deed and register the same, keeping the local registrar and the bank that provided the housing loan informed?
What would be the stamp duty applicable for this deed? Would it be on the value of the plot of land or the land value + the constructed value of the house as well?
Since this Gift deed of property would be within a relation, would it attract any Gift Tax / Income Tax?
Also, once this is done, the PoA would become redundant. Is there a way / necessity to cancel it properly
Thanks & Regards
