Hi All,
Request you to kindly clarify the following for registration in Andhra Pradesh.
Father wants to transfer two immovable properties to his youngest daughter. Daughter has 2 elder siblings/sisters and the Father gifted/donated equal share by gifting other properties to his elder daughters. There is no dispute in the family as of today, all 3 daughters want to have equal share of father’s property.
Property 1:
Father acquired it by gift/settlement (Dhakalu in Telugu) deed from his own brother. Now father want to pass this property to the youngest daughter.
Property 2:
Father self acquired the property and want to pass it to his youngest daughter.
In the state of Andhra Pradesh, stamp duty for for gift or settlement deed is 2%, but the gift deed has an extra 1.5% transfer duty/fee making it 3.5% for gift deed vs 2% for settlement deed. Some local folks are suggesting to go with settlement deed, but I’m not sure which one is better to not have hassles in the future.
Please clarify the following questions:
Q1: Should we do “gift deed” or “settlement deed” for property 1 and 2?
Q2: Do we need elder daughters to sign the settlement deed if we go with settlement deed?
Q3: Should the extra 1.5% transfer fee is worth for gift deed or a settlement deed is better in this case and it saves money for registration.
Thank you!
