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
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 10 years ago in Property Law
5 Answers
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.
it will be 4-7%of the value of the house,depending upon prevailing rates
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.
Gift deed will be around Rs.2000.
