Father and mother can execute gift deed for the flat

2) gift deed by parents should be duly stamped and registered

3) gift deed by parents in favour of children attracts concessional stamp duty in most states

4)if your parents sell the flat they have to reinvest sale proceeds within two years from the sale date or within three years for an under-construction property to avoid payment of long term capital gains taxes

1.It depends on whether he wants you to be its owner or he just wants to give you the money.

2. For gift deed stamp duty is minimal which varies from state to state.

3.In WB it is .5%.

4. From tax perspective gift deed is advisable than giving you the hard currency.

It depends on what you want from your parents, I.e., whether immovable property or cash.

It would be better you accept property.

Since the property is on names of both parents, they both can execute a joint settlement deed in your favour

The Stamp duty on gift deed would be more hence you may go for settlement deed which would be cost effective

Hi, If the flat was registered in the joint name of your parents the both of them has to execute the gift deed in favor of you.

2. Instead of selling the property, it is better your parents can gift the property to you.

Either way gift tax is not applicable in your case. From the point of owning the property, if you so desire, then he can gift his share in the property in your favour, since your mother is also the joint owner, she will continue to hold the property till she decides to gift her share in your favour, or she can WILL her share to be enjoyed by you after her death.

Gift made by parents in favour of their children are exempt from tax.

If both your parents decide to sell the property and give you a part of the money, then such sale will attract Capital Gains Tax (Short or Long Tern) as the case may be. In the event they sell the flat jointly, then they must invest the entire sale proceeds into another immovable property within a certain period (depending upon short or long term) in order to escape payment of capital gains tax.

1. if property is to be gifted then gift tax will be applicable.

2. according to section 25 of the indian contract act, no consideration is necessary for the contract if it is made by natural love and affection. father and son relation is called a relation of natural love and affection therefore father can sell a property worth rs 10 lac to his son for only 1 rs. and this sale is valid.

3. hence you should execute a sale deed ( if it is your father's self acquired property) at the minimum sale proceed then no tax will be applicable.

It is entirely up to him. He being the owner of the flat is at liberty to gift it to anyone. The stamp duty will be levied on the execution of the gift deed, unless the law in Karnataka exempts from the stamp duty a transfer between blood relations.