Dear All,
I was living abroad for many years and i had purchased a couple of property worth abt a crore each. When i was abroad, i made a mistake of not purchasing the property under my name since i was not physically present here. Now i wish to transfer this property to my name as my mother is old. All properties were registered under my mothers name and i provided all the funds. We are two brothers in the family so i would like to as a precaution transfer to my name.
Now what is the correct method to take ownership of these properties without incurring registration costs.
After research i found out the following
methods
1. Gift deed
2. Sale to son
3. Write a will
But both these options are costing much taxes since the property value is high. Isn't there any other method to take ownership by proving the funding source. Please advice as i believe i have complicated things by purchasing under mothers name, and i was ignorant of the taxes for name transfer.
Thank you
VKM
