• Transfer of my share of house to my son

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?
Asked 5 years ago in Property Law
Religion: Hindu

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24 Answers

Dear Client, 

Release deed will execute. Around 2 % stamp duty.

Yogendra Singh Rajawat
Advocate, Jaipur
22636 Answers
31 Consultations

4.4 on 5.0

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.

Kallol Majumdar
Advocate, Kolkata
2837 Answers
14 Consultations

5.0 on 5.0

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. 

Rajgopalan Sripathi
Advocate, Hyderabad
2173 Answers
394 Consultations

5.0 on 5.0

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.

Devajyoti Barman
Advocate, Kolkata
22825 Answers
488 Consultations

5.0 on 5.0

You can execute gift deed fir your 50 per cent share in house 

 

gift deed should be duly stamped and registered 

Ajay Sethi
Advocate, Mumbai
94731 Answers
7536 Consultations

5.0 on 5.0

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

Netravathi Kalaskar
Advocate, Bengaluru
4952 Answers
27 Consultations

4.8 on 5.0

It should attract stamp duty and registration charges 

Ajay Sethi
Advocate, Mumbai
94731 Answers
7536 Consultations

5.0 on 5.0

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.

Shubham Jhajharia
Advocate, Ahmedabad
25514 Answers
179 Consultations

5.0 on 5.0

Yes the deed need to be registered with the subregistrar on payment of stamp duty and registration fee.

Shubham Jhajharia
Advocate, Ahmedabad
25514 Answers
179 Consultations

5.0 on 5.0

You can transfer the property by way of Gift deed. 

It should be duly stamped and registered

 

 

 

Mohammed Mujeeb
Advocate, Hyderabad
19299 Answers
32 Consultations

4.7 on 5.0

You should take help from local advocate for drafting and registration of the gift deed.

Mohammed Mujeeb
Advocate, Hyderabad
19299 Answers
32 Consultations

4.7 on 5.0

Transfer the part of share that you have in your name by means of a gift deed or by means of a relinquishment deed 

Anilesh Tewari
Advocate, New Delhi
18078 Answers
377 Consultations

5.0 on 5.0

Registration expenses varies from state to state and as such it is advised that you confirm the same with a local lawyer 

Anilesh Tewari
Advocate, New Delhi
18078 Answers
377 Consultations

5.0 on 5.0

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.

Shashidhar S. Sastry
Advocate, Bangalore
5117 Answers
314 Consultations

5.0 on 5.0

Settlement deed you can go for it. As he is your blood relation, the charges will be small compared to other party.

G Suresh
Advocate, Chennai
394 Answers
5 Consultations

4.9 on 5.0

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

Ajay N S
Advocate, Ernakulam
4073 Answers
111 Consultations

5.0 on 5.0

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 

Rahul Mishra
Advocate, Lucknow
14088 Answers
65 Consultations

5.0 on 5.0

1) No, you can transfer your share property and transfer your share to your son by way of nomination procedure.

Ganesh Kadam
Advocate, Pune
12930 Answers
255 Consultations

4.9 on 5.0

You can gift your share through registered gift deed. Yes there is registration charges for the same.

Prashant Nayak
Advocate, Mumbai
31951 Answers
179 Consultations

4.1 on 5.0

 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

Vimlesh Prasad Mishra
Advocate, Lucknow
6852 Answers
23 Consultations

4.9 on 5.0

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.

Kishan Dutt Kalaskar
Advocate, Bangalore
6136 Answers
487 Consultations

4.8 on 5.0

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. 

T Kalaiselvan
Advocate, Vellore
84932 Answers
2197 Consultations

5.0 on 5.0

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.

 

T Kalaiselvan
Advocate, Vellore
84932 Answers
2197 Consultations

5.0 on 5.0

  1. As per the information mentioned in the present query, makes it clear that you wish to give your portion of share to your son, but at the same time want avoid any stamp duty whatsoever.
  2. Let me tell you sir that in two ways you can do that and won’t be asked to pay any stamp duty:-
  3. First, you can make a release/ relinquishment deed, but without consideration.
  4. Second, you can also execute a gift deed, but also without consideration.
  5. Why I am saying without consideration is for the reason that if you won’t charge anything in return then as per law you won’t be giving any stamp duty to the the state revenue department.

Sanjay Baniwal
Advocate, South Delhi
5474 Answers
13 Consultations

5.0 on 5.0

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