• Procedure for transfer of property through gift Deed

My dad has ownership of the residential flat in Dombivli City near thane district.. pincode is 421201...He wants to transfer the property ownership to both his children's name (son and daughter) through gift deed.. I wanted to know the complete steps for transfer of property by means of gift Deed and the stamp duty and registration charges.
Asked 8 days ago in Property Law from Dombivli, Maharashtra
Religion: Hindu

obtain society NOC for execution of gift deed 

 

2) gift deed in favour of son and daughter should be duly stamped and registered 

 

3) stamp duty would be 3 per cent of market value of property 

 

4) registration charges are maximum Rs 30,000

Ajay Sethi
Advocate, Mumbai
63995 Answers
3895 Consultations

5.0 on 5.0

In Maha. stamp duty on gift deed is negligible. Max. fees 1000rs. Gift deed will draft/execute and will register at sub registrar office,

Yogendra Singh Rajawat
Advocate, Jaipur
11375 Answers
11 Consultations

4.6 on 5.0

1. a gift deed has to be made through a lawyer

2. the gift deed has to be stamped for Rs. 200/- plus 1% stamp duty on market value of property

3. the gift deed has to be registered with nominal registration fee of 200

4. the registered gift deed then can be submitted to society for entering name of doness in share certificate. Society transfer forms have also to be submitted to society for effecting this transfer

5. as transfer is to blood relative, the society cannot levy any transfer fee 

Yusuf Rampurawala
Advocate, Mumbai
4175 Answers
21 Consultations

5.0 on 5.0

See first a gift deed need to be drafted in favour of both the children,

stamp duty at the rate of 3 percent on value of the property need to be paid, 

then the deed need to be registered before the sub-registrar office on payment of the registration fee. 

Shubham Jhajharia
Advocate, Ahmedabad
17219 Answers
68 Consultations

5.0 on 5.0

Hi

The basic requirements of Gift are (1) no consideration shall be involved & (2) the Donee (person taking gift) should accept the gift.

The details pertaining to stamp duty and registration charges can be obtained from the concerned Sub Registrar's Office.

 

S Srinivasa Prasad
Advocate, Hyderabad
338 Answers
6 Consultations

5.0 on 5.0

Hello, 

 

Stamp duty and the registration charges can be confirmed by you from a local advocate. 

The father may transfer the property through gift deed. 

The same will be prepared by the advocate and will be registered in presence of all the parties and witnesses

It's a simple procedure. 

 

Regards 

Anilesh Tewari
Advocate, New Delhi
16531 Answers
242 Consultations

5.0 on 5.0

He can gift the same to the children by registered gift deed

Prashant Nayak
Advocate, Mumbai
10456 Answers
16 Consultations

4.8 on 5.0

The owner of an immovable property can gift it to a relative or son daughter. A gift is considered valid if it is made voluntarily and without consideration. It is also essential for it to be accepted by the donee.

Drafting the Gift Deed: You can consult an advocate to draft a gift deed for you. The same required the signatures of both the parties in the presence of at least two witnesses.

Mohammed Mujeeb
Advocate, Hyderabad
8550 Answers
3 Consultations

4.5 on 5.0

In Maharashtra there is no stamp duty payable except for Rs. 500/- and Rs. 200/- towards registration charges for transfer of immovable property to blood relations.

Your father can execute a registered gift deed in favor of you both combined, you can consult a document writer in the local who will guide you the procedure to be adopted in this regard.

 

T Kalaiselvan
Advocate, Vellore
53956 Answers
654 Consultations

5.0 on 5.0

Procedure To Create Gift Deed

  1. Making Gift Deeds, at the foremost, involves the meeting of clauses recommended by the law, regarding whether or not one can gift a movable or immovable property to a minor, taxation of gift and so on. (more of which will be explored further in the article)
  2. Conventionally, drafting a Gift Deed is done by a legal practitioner, but one way to start doing it right now sitting at home is by using our portal. So begin drafting your document from LegalDesk by clicking the button at the end of this page.
  3. Have the Gift Deed printed on Stamp Paper of suitable denomination and have both the Donor and the Donee sign the document in the presence of two witnesses.
  4. Depending on the nature of the gift one can register the Gift Deed at the closest Sub-Registrar Office.

The stamp duty for gift deed in Maharashtra is 3% of market value of property

Mohit Kapoor
Advocate, Rohtak
1945 Answers

5.0 on 5.0

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