Gift deed should be executed by mother in favour of daughter in law
2) it should be duly stamped and registered
3) obtain NOC from society for transfer of flat in your wife name
4) you have to pay stamp duty at 5 per cent of market value of flat
The flat in Mumbai, in which I am staying, is in my mother's name. She wants to transfer it to my wife's name. Hence transfer is from mother in law to daughter in law. What is the procedure for transfer? What paperwork is involved with the housing society? Is stamp duty payable? Any taxes involved?
First answer received in 30 minutes.
Lawyers are available now to answer your questions.
Gift deed should be executed by mother in favour of daughter in law
2) it should be duly stamped and registered
3) obtain NOC from society for transfer of flat in your wife name
4) you have to pay stamp duty at 5 per cent of market value of flat
If your mother transfers the flat to you as a gift there would be no tax issues. Afterwards youbcan transfer it to your wife.
Regards
She can execute a registered gift deed in favour of her daughter in law. Yes stamp duty applicable. Capital gain tax applicable to daughter in law as per income tax laws
Yes, your mother can do this by way of gift deed.
The society after the gift deed registered will issue share certificate in the name of your wife to make her member in place of your mother.
To know the stamp duty you need to meet and ask the registration office staff as the same varies in every state.
Mother can gift the flat to your wife through registered gift deed, the gift deed has to be registered before the sub-registrar office and stamp duty on it has to be paid @ 3 percent.
On gift there is no tax.
She can make a gift deed
Stamp duty and registration fee will be payable
Stamp duty is 3% of market value of flat
Society transfer forms have to be submitted to society after registration of gift deed
No taxes as it will be a gift
Lawyer fees and registration agent charges will be extra
1. Mother can execute GIFT DEED, in favor of Daugher-in-Law (DIL)
a) Stamp Duty - 4% on the rateable value of the property
b) Registration Fees - 30,000/- (maximum)
c) Registration agents fees: [deleted] (depends)
2) Society Transfer Fees & Forms:
a) Membership Entrance Fees - 100/-
b) Membership Tranfer Fees - 500/-
c) Transfer Form, no. 20(1), 20(2), 4, 21, 23
3) No Gift Tax or other taxes, is payable.
GIFT deed will execute and register at sub registrar office. No stamp duty payable if execute in favor of blood relative. Daughter in law dose not comes under BR, so 6% duty.
Your mother can transfer the property to your wife's name by executing a registered gift deed.
The appropriate stamp duty is to be paid.
There are no tax implications involved in this.
For transfer of share certificate in society, you may apply for the same in the necessary format available in the society and to comply with the formalities in this regard.
This is my response to you:
1. You will have to enter into a gift deed;
2. A gift deed will fetch you heavy stamp duty in this scenario;
3. Rather do a gift deed where your mother transfers to you. You then give it to your wife;
4. This will save you thousands of rupees on stamp duty;
5. consult a local lawyer and take steps.
Dear CLient
for transferring of property from your mother name to your wife name your mother can execute a Gift deed in favor of her daughter in law. as per section 122 of Transfer of property act.
the Stamp duty fees is 3% of market value of property in maharastra. and registration fees is rs 200. any transfer of property under a gift is not considered as a taxable transfer so you can save tax by gift deed.