wait for completion certifcate to be issued take possession of flat
2) let regsitered sale deed be allottted in your name
3) then you cna execute gift deed in favour of your relative
4) stamp duty is state subject and varies from state to state
Want to Gift CGHS membership and dwelling unit alloted there in to blood relative in U.P. Property in question has been given possesion to me but completion certificate has not been obtained as such property has not been registered in my name. Will gift deed have to be registered and any stamp duty paid.?If so how much?
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wait for completion certifcate to be issued take possession of flat
2) let regsitered sale deed be allottted in your name
3) then you cna execute gift deed in favour of your relative
4) stamp duty is state subject and varies from state to state
You can sell or alienate or transfer an immovable property by a registered document only to make the transfer valid and legally maintainable, for which appropriate stamp duty and registration charges are to paid.
Very important factor is that the seller/vendor/donor/transferer should possess valid and marketable title to the property under the proposed transaction.
i want to transfer CGHS membership which entails ownership of alloted flat as well. As Flat is still not eligible for completion certificate it can not be registered with relevent authority. A gift deed in favour of Close Blood relative needs to be made to transfer it to name of my blood relative in record of CGHS and Registrar of CGHS in U.P. Please advice if this gift deed needs to be registered and what will the FEE in UP for registration of this gift deed.
gift deed registration is mandatory
2) gift deed attracts 2% stamp duty on market value of property in Uttar Pradesh.
1. Unless the sale deed of the property been registered in your name, you can not be legally called the title holder of the said property.
2. No body can transfer a better title than what he/she possesses.
3. So, your said gift deed at this stage will not be legally valid.
4. So, first get the sale deed registered in your name and then register the said gift deed in favour of your blood relative.
5. For any registration of title of a property, you shall have to pay the stamp duty and also the registration fee depending on the value of the property.
1. Any deed of conveyance for transferring the title of the property, including gift deed, is required to be registered compulsorily.
2. The stamp duty and the registration fee for registering the said gift deed will depend on the value of the said property as fixed by the Govt. of U.P.
If there is no registered sale deed, then it will not make the possessor entitled to sell the property legally or transfer the same legally by a registered deed.
The person possessing the property is not having marketable title hence any act of transferring the property by any mode i.e., sale or gift or any other mode is not legally valid. You can consult a local experienced advocate who will narrate you the law involved in this and also would make you realise your legal position/status as far as this property is concerned.