SUMIT GUPTA (DIRECTOR) 07 May 2012

Transfer of property from mother to son

Brief of Query

A house/bunglow was built in Feb 2002 in NOIDA and was initially regitered in the name of mother and Son A (Elder).

Parents have 3 CHILDREN - Son A (Elder), Son B(Younger) & Daughter A

Now mother wants to transfer all titles/ownership to Son A & B both.

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 house is valued at say Rs. 3cr., 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.

Regards

Reply Follow

3 Replies

Sankaranarayanan (Advocate) 07 May 2012

she can legal right to make her portion. now with other A( elder son)

SUMIT GUPTA (DIRECTOR) 07 May 2012

Sir,

Thank you for your reply. But kindly note the query again.

The house (250 sq.mtr) is now in the name of mother and elder son A. Now mother wishes to transfer all the rights and ownership to Younger son B and Elder son A (who is already joint owner of the property).

So now mother wants to include name of younger son B. The new joint owner will be now Son A & B both.

Now please suggest what is the best and cheapest way to do so.

Thanks & Regards

S Jadhav 98336 98330 (Jadhav & Associates) 07 May 2012

Assuming that she wants to remove her name from the ownership, then she can gift her share to the younger son B. This will require stamp duty to be paid.

The cheapest way could be that the mother makes a will wherein she leaves her share of the house to the son B

This is all asuming that it is her personal property that is it is not ancestral property.

S Jadhav