1) no transfer charges are payable by you to society for transfer of flat in your name
2)society may insist on probate of will
3) you dont have to pay any inheritance or gift tax
Stamp Duty & Inheritance Tax, if any, in case if property is willed by a father to son
I live in Pune in a Society in a house which is owned by my father. My father who is 89 years of age, has willed this house to me exclusively. I have a younger sister and brother, and they too have no objection to my father willing this house to me. My father has also nominated me to this property in society's records. Now my questions are as follows: 1. After the death of my father, is there any stamp duty payable by me to get the house transferred in my name from the society.? 2. Will the 'will', which he claims to have made on plain paper in front of two witnesses, be sufficient to transfer the property in my name? 3. Will have to pay any other tax viz inheritance or gift tax etc. and how much will that be?
Asked 7 years ago in Property Law
Religion: Hindu
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13 Answers
1. For change of name in the sahre certificate of the society nos stamp duty is to be paid.It is a nominal fees to be paid to the society.
2. For validity of Will registration of Wll is not mandatory. However to give effect to this the beneficiary or the Executor of the Will requires to obtain Probate from the competent court of law which would require consent of other legal heirs.
3. No gift tax is to be payable though getting probate entail payment of court fees of a large amount,
You need to file a probate petition for a will in court of law for all the things getting done smoothly. You dont need to pay specific stamp duty again.
Most responses are suggesting to get a Probate of the Will. Is this to be done post the death of my father or can be done even prior while he is in good health?
Asked 7 years ago
The probate of the will shall be done only after the death of the father and not before the death of the father.
Regards
You will not have to pay any inheritance or gift tax
The society will ask you for probate of the will
Regards
Will takes effect on death of testator
Probate cannot be done during father life time
Probate is to be applied for and obtained only after death of the testator.
It should be done after the death.
Will is enough for transfer property need not any stamp duty it operates only after death of your father
Will is to be probated after the death of the testator.
1. After the death of my father, is there any stamp duty payable by me to get the house transferred in my name from the society.? - No, mere application along with copy of death certificate and WILL,
2. Will the 'will', which he claims to have made on plain paper in front of two witnesses, be sufficient to transfer the property in my name? - registration of will is optional. but when u use it for transfer of title, officers of authority make ask u to get probate of WILL through court, ry to get it register , nominal fees.
3. Will have to pay any other tax viz inheritance or gift tax etc. and how much will that be? --- nothing.
1. The transfer charges to the society may have to be paid, there is no stamp duty involved in it.
2. Yes it can be considered as a valid will however while enforcing it you may have to obtain NOC from other heirs of your father.
3. No taxes need to be paid on this type of transfer.
Most responses are suggesting to get a Probate of the Will. Is this to be done post the death of my father or can be done even prior while he is in good health?
Probate is not necessary if your siblings are ready and willing to express NOC in writing to this situation.
The will shall come into force only after the lifetime of or father.