Hello,
My mother wishes to gift a flat she owns in Thane, Maharashtra to me, her son. This flat was purchased 15 years ago in her name using my funds. Now my mother is not keeping well and would like to transfer the flat over to me. I believe such a transfer can be effected through the execution of a Gift Deed.
Here are my questions:
1. The flat's market value is Rs 50 lacs. How much Stamp duty would it attract?
2. What is the registration fee?
3. What, if any, are the formalities to be completed after the Gift Deed is executed? Do I need to make an application to a govt department to transfer the property tax to my name? Do I need to inform the housing society and get any records updated?
4. Is it possible to get the Stamp duty/Registration Fee lowered if the flat is over a certain numbers of years old? If so, how do I go about getting it done
5. Typically, how much does an attorney charge for getting a Gift Deed executed?
Thanks,
Joe
