Moh (dr) 31 October 2015

Inheritance during lifetime

My father wants to transfer flat in his name to me during his lifetime. A local lawyer has advised it is possible now. Cost Rs 30000 for registration and Rs 30000 his fees. No stamp duty. Property in Mumbai

My query-

1- is it possible?

2- will it be considered as acquired in inheritance.? Being NRI, it has tax implications for me.. Inherited Property has no tax when sold and whole sum can be repatriated.

thanks

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5 Replies

Dr J C Vashista (Advocate) 31 October 2015

Incomplete information. Who is the owner right now? Whether the flat was acquired by any of his ancestral or self-acquired?

G.L.N. Prasad (Retired employee.) 31 October 2015

The best way is to gift the flat. The format of gift deed is available in most of the on line forums as templates and one can avoid paying of Rs.30,000/- only for drafting a document like relinquishment deed.