I want to know how do I cease my rights on all the movable or immovable properties of my deceased father. My father has left behind two residential properties, Navi Mumbai & at my native place in Maharashtra. We are two brothers and mother as legal heirs. I want to transfer my rights to either my brother/mother or my niece (my brother's daughter). Can I execute power of attorney for this purpose in favour of any one of above and cease my rights. Please guide.
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you can execute gift deed to transfer property in name of mother or your brother or niece
2) gift deed should be duly stamped and regsitered
3) in alternative you can execute relinquishment deed to relinquish your share in property
4) mere execution of POA will not be sufficient .
5) on execution of POA you merely authorise agent to act on your behalf
I am one of the legal heir, still I can execute gift deed in favour of my niece or brother. If yes then this gift deed will for my share in these two properties only. Right What is the stamp duty on the gift deed that will be executed for the above transaction Sir.
1. Execute a release deed in favour of your brother or mother, as the case may be. The deed has to be registered in the office of sub-registrar. Thereafter, your brother or mother can apply for fresh mutation.
2. Power of Attorney will not suffice.
3. The transfer of property between blood relatives is exempt from the payment of stamp duty.
1) as legal heir you can execute gift deed for your share in property
2) you have to execute gift deed for your share in the 2 properties
3) stamp duty is 2 per cent of market value of property for gift deed
Stamp duty on gift deed is usually 1%, you can confirm this with the local lawyer, also yes you can execute a gift deed (of your share) in favor of the niece or brother.
Regards
You are free to transfer your share of property rights in this property to whomsoever you wish. To do so, you'll have to execute a gift deed.
Contact a local Lawyer to know about applicable Stamp duty and Registration charges .
If you want to relinquish your rights in the property that belonged to yor deceased father you may execute a registered release deed in this regard after which your share of property shall vest on other shareholders automatically.
I am one of the legal heir, still I can execute gift deed in favour of my niece or brother.
If yes then this gift deed will for my share in these two properties only. Right
What is the stamp duty on the gift deed that will be executed for the above transaction
You can very well execute a registered gift deed in favor of your niece in respect of yor share in the properties left behind by yor father.
There is no stamp duty payable in Maharashtra for transfers within blood relations