• Transfer property to parents

Can I transfer one and only property, in Bangalore, in my name to my parents. If yes, what charges/stamp duty and tax needs to paid by me and my property. Can you please explain with an example of property value being Rs.1 lac.
Asked 6 years ago in Property Law

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5 Answers

yes you can do so by executing gift deed in favour of your parents . stamp duty would be as per karnataka Stamp act . in addition you have to pay registration charges

Ajay Sethi
Advocate, Mumbai
79385 Answers
4752 Consultations

5.0 on 5.0

Property owned by you can be transferred to your parents (Jointly or singly) since the transfer is within blood relation, the fixed fee of Rs.1000/- and registration charges of Rs.800/- & other charges all amounting to Rs.2000/- only needs to be paid. A Gift Deed would be sufficient. Property value not required here.

Kiran N. Murthy
Advocate, Bangalore
1298 Answers
194 Consultations

5.0 on 5.0

it will be 4-7%of the value of the house,depending upon prevailing rates

Rajeev Bari
Advocate, New Delhi
1506 Answers
92 Consultations

4.6 on 5.0

If you are the absolute owner of the property then you can transfer ownership thereof to your parents by making a gift deed in their favour. Stamp duty and registration charges payable will be in accordance with law prevailing in Karnataka. Take the assistance of a Bangalore based lawyer.

Ashish Davessar
Advocate, Jaipur
29956 Answers
864 Consultations

5.0 on 5.0

Gift deed will be around Rs.2000.

Girish H.T.
Advocate, Bangalore
21 Answers
3 Consultations

4.6 on 5.0

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