• Transfer of property from my sister and my father to son (me)

HI 

We have one property which is on the name of my sister and my father. MY Sister is first owner as she has taken bank loan.
She and our father wants to shift the property title on my name.
Please advise legal procedure and the amount that I have to pay. 

Thanks
Chandan
Asked 4 years ago in Property Law
Religion: Hindu

2 answers received in 30 minutes.

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18 Answers

This is my response to youL

1.Firstly the loan will have to be cleared to transfer to your name;

2. Or change the applicant's name to your name so that the loan amount is drawn from your account;

3. Till the time loan is not cleared or transferred in your name till then you do not become the owner;

4. Also your father and sister will have to execute a Gift Deed in your favour;

5. You will have to execute and register the same;

6. Consult a local lawyer for informed opinion and take legal steps.

Gowaal Padavi
Advocate, Mumbai
1920 Answers
5 Consultations

5.0 on 5.0

hello

the property belongs to your sister. she can transfer the property to you as a gigt and you have to accept the gift and take possession of the same. the property will be transferred in your name. you dont have to pay any tax this way as a gift from a sister is exempt from any kind of tax.

regards

Rahul Mishra
Advocate, Lucknow
13760 Answers
65 Consultations

5.0 on 5.0

Gift deed can be executed to transfer property in your name

2) gift deed should be duly stamped and registered

3) consent of bank is necessary to transfer property in your name as bank loan is pending on said property

Ajay Sethi
Advocate, Mumbai
87947 Answers
6207 Consultations

5.0 on 5.0

This is in further response to you:

1. A Gift Deed would invite stamp duty rate at 3% of market value as per the 2017 amendment of Bombay Stamp Act;

2. If it was year 2016 then the stamp duty would have been less than Rs.500;

3. So obtain the current market value of the property through Sub-Registrar;

4. It is advisable that your mention about the loan and other details in the recitals of the Gift Deed;

5. To understand the taxation system, your sister will have to pay long term capital gains if it has been more than 3 years since possession of property;

6. To understand the concept of taxation better, consult a good CA .

Gowaal Padavi
Advocate, Mumbai
1920 Answers
5 Consultations

5.0 on 5.0

stamp duty has to be paid on gift deed executed by father and sister in your name

2) gift tax is exempted as gift deed is executed among family members

Ajay Sethi
Advocate, Mumbai
87947 Answers
6207 Consultations

5.0 on 5.0

1. sister can gift her 50% share in flat to you. Stamp duty will be 2% on 50% market value of flat

2. father can also gift his 50% share to you. Stamp duty will be a nominal Rs. 500/-

3. registration fee will be Rs. 30,000/- plus agent fee

4. you also need a gift deed drafted for which you will have to bear professional fee of lawyer

5. since gift is between specified relatives there will not be any income tax liability

Yusuf Rampurawala
Advocate, Mumbai
6882 Answers
79 Consultations

5.0 on 5.0

This transfer can be done under a deed of gift.

Stamp duty on gift deed varies from State to State.

Contact a local lawyer to know the exact stamp duty payable.

Vibhanshu Srivastava
Advocate, New Delhi
9426 Answers
245 Consultations

5.0 on 5.0

1) After clearing all bank home loan than this property will become free hold title than you can make a relinquish deed. It will be more cheaper than any other deed.

Ganesh Kadam
Advocate, Pune
12338 Answers
191 Consultations

4.9 on 5.0

No registration charges need to be paid by anybody.

Rahul Mishra
Advocate, Lucknow
13760 Answers
65 Consultations

5.0 on 5.0

you cannot transfer mortgage property ownership to someone else in India. If you have to do that, then, you will have to take a No Objection Certificate (NOC) from the bank before transferring the property ownership to someone else. However, it is highly unlikely that any bank will offer such a certificate (NOC).

in case if bank given noc you can transfer through gift deed.

Mohammed Mujeeb
Advocate, Hyderabad
19031 Answers
32 Consultations

4.5 on 5.0

Both father and sister can make a gift deed in your favour if no consideration involved if consideration then sale deed has to be made. Stamp duty has to be paid and deed required to be registered.

Shubham Jhajharia
Advocate, Ahmedabad
25516 Answers
179 Consultations

5.0 on 5.0

Yes stamp duty need to be paid at the rate of 3, percent in gift deed at circle rates if sale then 6 percent at sale value along with registration.

Since blood relatives the gift won't be taxable it would be exempted.

Yes so father can also gift her amount for setting off loan all the gifts in situation are exempted.

Shubham Jhajharia
Advocate, Ahmedabad
25516 Answers
179 Consultations

5.0 on 5.0

1. They can execute a registered gift deed in your favour in the office of sub-registrar.

2. However, the gift deed can be executed only and only if the loan is repaid and the mortgage has been released. A property under mortgage cannot be alienated without the consent of the mortgagee.

3. Only a local lawyer can tell whether stamp duty is to be paid, and if yes, at what rate

Ashish Davessar
Advocate, Jaipur
30761 Answers
971 Consultations

5.0 on 5.0

1. AFTER obtaining Bank NOC for transfer of loan to you, the Father & Daughter can execute registered a Gift Deed in your favor, without any further documentations.

2. In Mumbai, Gift Deed, between descending blood relations:

a) Stamp Duty: Rs. 200/-

b) Registration Fee: 200/-

c) Nothing else.

Keep Smiling .... Hemant Agarwal

Hemant Agarwal
Advocate, Mumbai
5612 Answers
25 Consultations

5.0 on 5.0

Hello,

they can execute the gift deed in your favor,

NOC will have to be obtained from the bank, if there is a pending loan.

Regards

Anilesh Tewari
Advocate, New Delhi
17940 Answers
377 Consultations

5.0 on 5.0

Stamp duty at the rate of 3% will have to be paid.

Gift tax will not have to be paid since the property is being gifted among the family members.

Regards

Anilesh Tewari
Advocate, New Delhi
17940 Answers
377 Consultations

5.0 on 5.0

They both have to first repay the entire loan amount in full, retrieve the original title documents.

After that they both can transfer the property to your name jointly by executing either a registered gift deed or sale deed.

The stamp duty and registration charges details may be enquired locally.

T Kalaiselvan
Advocate, Vellore
78104 Answers
1543 Consultations

5.0 on 5.0

There is no stamp duty payable in Mumbai for such transfers within blood relations.

However you may have to pay registration charges which is nominal.

T Kalaiselvan
Advocate, Vellore
78104 Answers
1543 Consultations

5.0 on 5.0

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