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downto earth (team leader)     22 March 2010

transfer of property as gift

Hi ,

My father wants to gift me a house which is in his name as share in his property. Just wanted a name change in the agreement. On enquiring with the lawyer i got to know that i have to pay 4% stamp duty+registration. Why so if its just a house agreement name change from father to son that too its a kind of a gift.

can anybody help.

thanks

samir rosario



Learning

 5 Replies

Gundlapallis (Advocate)     23 March 2010

Stamp and registration rates differ from state to state.  For any transaction in respect of immovable property, it requires compulsory registration.  So you need to pay the prescribed fees.  You compare with fees to be paid for purchase of the same property, you will know the difference of gift and purchase.

Isaac Gabriel (Advocate)     23 March 2010

Every document has to be paid stamp duty for registration for the purpose of making it valid before the eyes of Law.Yet, some concessions have been given for registering gift deeds, deeds within family etc.,.Fro transferring properties within family a stamp duty of 4 percent has to be paid.

bhagwat patil (Property due diligence 9422773303)     24 March 2010

when ur father is alive and he wants togive the property the stamp duty is statutory. after the death it wiil go to legel hairs or as per will if it is self aquired

downto earth (team leader)     25 March 2010

Ok thanks..but whose NOC will be required on the will apart from my father. Is it ok to write on a stamp paper and get is signed by father. We live in a cooperative society and on asking some members they said that the nominee whose name is mentioned on the agreement will have full ownership for the house. So wanted to ask, if this is right is a will or transfer (by paying 4% stamp duty) required. 

bhagwat patil (Property due diligence 9422773303)     27 March 2010

pay 4% stamp duty 1% registration charges get registered saledeed.


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