Dear Client,
Release deed will execute. Around 2 % stamp duty.
My wife, daughter and son are my legal heirs. Major portion of the expenditure for purchase of land and the construction of the house built therein, where where I and my wife now live, was incurred by my son and only a relatively smaller portion of the expenditure was borne by me out of my own earnings. The house is now jointly owned by my son and me. I want to to transfer my share of the house to my son now, when I am alive. How should I go about it? What are the expenses involved in such a transfer?
does this procedure involve payment of stamp duty & registration expenses?
Execute a deed relinquishing your share in the property in favour of your son and get it registered.
Yes stamp duty and registration fees will be payable as per applicable rate in your state.
Hi
1) Since you intend to transfer your share of your house to your son, you can execute a registered gift deed or a release cum settlement deed in favour of your son.
2) In Karnataka the stamp duties are same for both Gift Deed and Settlement deed in case of family members. You may visit https://www.karnataka.gov.in/karigr/Pages/-At-a-Glance--Stamp-Duty-and-Registration-Fee.aspx to know the details of stamp duty and registration charges.
3) In case of release cum settlement deed, all of you (i.e yourself, your son, your daughter and your wife) will execute a registered release cum settlement deed, wherein your share of property will be vested in the name of your son. Since all of the parties who have rights in the property have affixed their signatures in the settlement deed, the same cannot be challenged.
4) In case of registered gift deed, the parties to the registered gift deed will be yourself and your son . you will be the donor and your son will the donee.
5) If for some reason or other, your daughter or wife are not able to attend the registration office, you should execute a gift deed or else you should go for a release cum settlement deed.
Hope this information is useful.
1. Since this is your self acquired property you can transfer your undivided share to anyone including your son.
2. To do so you can make a registered gift deed in favour of your son whereby your half share in the property would be transferred to your son making him the sole owner of the property.
3. Yes gift deed would attract stamp duty and registration fees which would be lesser than the sale deed.
You can execute gift deed fir your 50 per cent share in house
gift deed should be duly stamped and registered
Dear Sir,
During the life time of father, usual procedure for transfer of immovable property, such as, by sale, gift etc. will be applicable.
After death,(if there is nomination earlier filed by father during his life time in the society), the society will transfer flat as per nomination, to the nominee who will hold the flat in trust for all the legal heirs of the father.
If there is a will executed by father, then as per the will. If no will and no nomination, then the society will follow guidelines given in relevant bye laws (No.35 in Maharashtra), that is, to publish notice and issue newspaper advertisements at the cost of legal heir, for objection if any and if there is no agreement amongst all the legal heirs, then the legal heirs need to obtain letter of administration or probate if there is a will, from Court.
GOVT. WAIVES STAMP DUTY ON TRANSFER OF LAND / FLAT TO KIN or FAMILY MEMBERS
You can make a gift deed of your share of the property to the son vide the registered gift deed. Stamp duty and registration fee need to be paid as per circle rate of the property.
Yes the deed need to be registered with the subregistrar on payment of stamp duty and registration fee.
Transfer the part of share that you have in your name by means of a gift deed or by means of a relinquishment deed
Registration expenses varies from state to state and as such it is advised that you confirm the same with a local lawyer
1. You can execute a registered Gift Deed, for your share in the property, in favour of your son.
2. By your executing the Gift Deed, your son becomes the Absolute Owner of the property immediately.
3. The stamp duty for executing a gift deed amongst blood relatives is not very high and it is around Rs. 5450/ plus registration fee of 1% plus scanning fees + incidental expenses, in Bangalore.
Settlement deed you can go for it. As he is your blood relation, the charges will be small compared to other party.
Register a transfer deed infavour of your son. for that purpose you can execute settlement deed or gift deed. You have to pay stamp duty and registration charge
You can simply gift the house to your son and you will not incur any registration fees or any other charges. A gift deed should be prepared with the help of a lawyer.
Regards
1) No, you can transfer your share property and transfer your share to your son by way of nomination procedure.
You can gift your share through registered gift deed. Yes there is registration charges for the same.
you can gift your share in the property to yourself and this is the easiest way it will involve very small amount of stamp duty for registration of flat in his name you need not to mention anything other than the affection as the basis of gifting the property another case you can make a will and after your death your property will automatically be transferred to your son
Dear Sir,
You just execute release deed or gift deed in favour of your son in respect of 50% of your share in favour of your son. The expenditure depends upon the advocate you choose and the mode you manage the Sub-Registrar. Usually it being a transaction between blood relations as such you need to pay only fixed stamp duty.
You can transfer your share in the property to your son by executing a registered settlement deed or gift deed.
The stamp duty and the registration charges can be enquired from a local sub-registrar's office.
For transfer of an immovable property, the process involved is that the transaction can take place only by a registered document and for this the applicable stamp duty and registration charges are to be borne by the beneficiary/buyer.