• Gifting Flat from Sister to Brother

I had purchsed a flat in Mira Road in Nov 2000. I m first owner, m mother is second owner.

Scenario 1
Can i gift my share to my brother? 
what is the process for doing the same?
Is there any stamp duty that I have to pay? if yes- how much?
If stamp duty rate is 3% - then do i have to pay 1.5% as it is co-owned? 
Where can i find the ready reckoner value for my flat? 

Scenario 2
Can i make my mother full owner of the same flat?
what is the process for doing the same?
Is there any stamp duty that I have to pay? if yes- how much?
If stamp duty rate is 3% - then do i have to pay 1.5% as it is co-owned? 

Thanks,
Asked 5 years ago in Property Law
Religion: Hindu

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13 Answers

you can gift flat to your brother 

 

2) gift deed should be executed duly stamped and registered 

 

 

3) you have to pay 3 per cent stamp duty for gifting 50 per cent share of flat 

 

4) you can execute relinquishment deed or gift deed for your 50 per cent share of flat in mother name 

 

 

5) stamp duty would be around 3 per cent of market value of your share 

Ajay Sethi
Advocate, Mumbai
94910 Answers
7570 Consultations

5.0 on 5.0

Yes you can gift your share to brother vide gift deed.

You need to make a gift deed ,stamp.duty has to be paid and the deed needs to be registered with the sub registrar.

3percent stamp.duty of circle.rate of.your share

No you have to pay 3.percent on 50 value of the flat.

Sub registrar and registrar stamps in your area.


Scenario 2 

You can make a relinquish or gift deed in favour of your mother. In relinquish stamp duty is more so do a gift deed in her favour for your share.

Same process of gift Deed.

Gift deed 3 percent and relinquishment deed 6 percent.

Shubham Jhajharia
Advocate, Ahmedabad
25514 Answers
179 Consultations

5.0 on 5.0

Yes.

Gift deed will execute and register at sub registrar office, 3%+1% stamp duty.

Stamp duty will pay on half share, 1/5% of property.

Stamp duty will pay on sale deed price or DLC rate whichever is higher. Can check rate on website of registrar office.

2.

Yes, through release deed or gift deed, Stamp duty low in release deed.

Same will register at sub registrar.

Same stamp duty and low in release deed.

Yogendra Singh Rajawat
Advocate, Jaipur
22669 Answers
31 Consultations

4.4 on 5.0

1) t would be market value as reflected in ready reckoner rates of your area 

 

2) in both cases you have to pay stamp duty 

 

3) your interpretation is correct 

 

4) maximum time for registration is 8 months with penalty 

 

5) you have to pay stamp duty at time of execution of gift deed 

Ajay Sethi
Advocate, Mumbai
94910 Answers
7570 Consultations

5.0 on 5.0

1. Ready reckoner for gift deed.

2. Yes you have to pay in case of gift deed, they can pay but duty should be in your name.

3. Yes.

4. 3 months.

5. On gift deed property is transferred on same day though mutation cam be done after a while.

6. Sub- registrar office or online you can search same.

 

Shubham Jhajharia
Advocate, Ahmedabad
25514 Answers
179 Consultations

5.0 on 5.0

1. if gift is to brother then stamp duty is 3%

2. if gift is to mother then SD is 200

3. stamp duty in case of point 1 above will be 3% on market value of 50% share in flat

4. a gift deed has to be executed between donor and donee

5. the gift deed has to be compulsorily registered max within 8 months from signing 

6. stamp duty on gift deed has to be paid before signing 

7. ready reckoner value can be computed by a registration clerk in the registrar office 

8. i assume you live jointly with your mother/brother. So no question of handover of possession as they are already in possession 

9. if you have original title document then you need to hand over the same to your mom and the donee 

 

Yusuf Rampurawala
Advocate, Mumbai
7536 Answers
79 Consultations

5.0 on 5.0

1) You can go with Relinquish deed instead of Gift deed to transfer title rights on your mother's name.

2)  A relinquishment deed needs to be distinguished from a gift deed where the shares of a particular owner is gifted to any other person who may be a legal heir in that property or not. A relinquishment deed needs to be registered compulsorily and it has very less registration charges compared to a gift deed which requires high stamp duty, though there is no consideration involved in both documents.

Ganesh Kadam
Advocate, Pune
12932 Answers
256 Consultations

4.9 on 5.0

1)  yes you can  gift  to your brother. Stamp duty shall be payable based on the value of the gift. 

2) yes you can execute a relinquishment deed for same. 

 

Mohammed Mujeeb
Advocate, Hyderabad
19299 Answers
32 Consultations

4.7 on 5.0

1)Ready reckoner rate is supposed to represent market value of the property. 

2)Yes you have to pay stamp duty. 

3)Correct.  

4) time for registration is 8 months. 

 

 

Mohammed Mujeeb
Advocate, Hyderabad
19299 Answers
32 Consultations

4.7 on 5.0

1. "Ready reckoner value of flat" can be obtained from a local Registered Estate Agent .OR. from the office of the Registrar of Sub-Assurances.

2. IF Mother is a Joint-Owner of the property, THEN you can execute a "release deed" in favor mother (but without any monetary consideration).
In this case the Stamp Duty would be Rs. 500/- and Registration Fees would be Rs. 1000/- (when compared to 3% on Gift Deed).

3. Since Brother is NOT a Joint-Owner of the property, "release deed" CANNOT be executed and only Gift Deed can be executed.

4. HOWEVER,  AFTER conducting point no. 2, the Mother can execute Gift Deed to her Son of her 100%.
In this case the Stamp Duty would be Rs. 200/- and Registration Fees would be Rs. 200/-
THINK OF THIS STRATEGY.

Keep Smiling .... Hemant Agarwal

Hemant Agarwal
Advocate, Mumbai
5612 Answers
25 Consultations

5.0 on 5.0

You can do both the things. To transfer your share you can execute gift deed to brother. To transfer your mother you can relinquish your share to mother. The stamp duty will be negligible as you are blood relatives.

Prashant Nayak
Advocate, Mumbai
32059 Answers
183 Consultations

4.1 on 5.0

1. You can transfer your share of property to your brother by executing a registered gift deed. 

You have to pay the stamp duty only to the value of your share of property that is transferred to your brother.

You can get the ready reckoner rates from the document writer or from the office of the sub-registrar.

 

 

 

 

 

2.  You can make your mother a full owner of the entire property also.

You may have to transfer your share in the property to her name by executing a registered gift deed.

You may have to pay the applicable stamp duty  for this transfer in respect of your share of property now being transferred.

.

 

T Kalaiselvan
Advocate, Vellore
85112 Answers
2215 Consultations

5.0 on 5.0

1. The ready reckoner value will be based on the government guidance value.

2. Yes, you are right.

3.  yes.

4. Four months from the date of execution of the deed.

5. No time line, it has to be delivered the same date.

6. From a local sub registrar office or a document writer.

T Kalaiselvan
Advocate, Vellore
85112 Answers
2215 Consultations

5.0 on 5.0

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