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Premal Betai (Self Employed)     05 October 2011

Transfer of property from father to nominee son

 

Brief

A flat was baught in Mumbai from sale/purchase of Mumbai houses that was initially received from Grandfather.

FATHER HAS 3 CHILDREN, a, b & c. 

Said flat in Mumbai is owned by Father and Son b

Father wants to transfer all titles/ownership to son b. 

Can you please explain:-

1) Should the transfer take place by way of

                 i) Gift Deed

                ii) Release deed

               iii) Relinquishment deed

               iv) Any other legal document

2) If the flat is valued at say Rs.60 Lacs, what would be the applicable stamp duty, gift tax etc ?

3) Objective is so that no person nor their heirs could raise any claim towards the said property at any point in time

All suggestions and opinion would be highly appreciated.

Thank You.



Learning

 1 Replies

K. GOPALAKRISHNAN (ADVOCATE)     07 October 2011

The legal document shall be Release Deed as he owns 1/2 share in the property.  Your father has every right to dispose off the property at his own will and wish as the same is self acquired property.  The stamp duty may vary state to state and it would be very nominal as the same is a family transaction. 


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