Shiv Kumar (Software Developer) 06 June 2011
Hello Advisors,
I am going to help my father out of his debt. In return, he is settling me a property (self earned) via settlement deed. I read from the earlier forums that settlement deed is any time revocable. If I go for a sale deed, I need to pay 8% stamp duty which itself is costly. I don't want to spend that much money to get teh property that in turn belongs to me. I need your advice before deciding of the type of deed.
Advocate M.Bhadra 06 June 2011
You get the property by way of Deed of Gift which to be executed by your father,accordingly stamp duty cost will less than Sale Deed.
Vigneswaran (Lawyer) 16 July 2011
Dear Shiv kumar
You dont have to pay 8% of stamp duty since the property is settled between family members and you would be charged only 1% for Stamp Duty and 1% for registration on the value of the property and even that would not exceed 10,000 in case of stamp duty and 2,000 in case of Registration.
Bhuvan (KRT) 17 August 2011
Similar Scenario:
In case of property belonging to Father, who has 4 legal heirs, should we go for:
1. Family settlement among mother and 3 children.
2. Transfer property in the name of mother, and then mother does a gift ( gift deed) for three children.
Which is the better way to settle the property.
Bhuva
Vigneswaran (Lawyer) 28 August 2011
My suggestion would be The father can settle the property to his wife then after the lifetime of the mother it could be settled between the heirs in equal share.
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