Godt deed will execute and register at sub registrar office. 1% stamp duty on gift deed between family members.
Hi, We have an independent bunglow in Bhopal. It was build by housing board; the land is on lease, not on freehold. The registry of the house is on my father's name. If my father wishes to transfer the registry (or ownership) on my mother's name or to joint ownership of me and my mother then : 1) What will the procedure and cost of it? 2) Can this procedure by done online? 3) What will be taxes and documents that will be required for this work? Thanks Regards Raj Sharma
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Godt deed will execute and register at sub registrar office. 1% stamp duty on gift deed between family members.
He can execute registered gift deed for the same.
He will have to bear the applicable stamp duty and registration charges for the same.
Online appointment can be taken but physical presence is required for registration
1. Your father can do this by way of a registered deed of gift or deed of relinquishment. Since stamp duty and registration fees differ in every state that cost to be incurred is difficult to advise.
2. No.
3. Not much tax implications involved in it. Talk to an advocate locally.
The transfer may be made through a deed ie gift deed due to natural love and affection. A deed must be made and it should be registered. Then the possession of the property must be taken.
It has to be done through a lawyer before the sub registrar.
Documents of the property ID proof photos a deed has to be drafted.
It will cost you the lawyer's fee. Stamp duty.
The stamp duty and the registration charges differ from one state to another across the country, hence the same may be inquired from local registrar's office.
You can fill up the forms for registration through online method but for registration of the document the parties to the document have to be present before the sub-registrar's office.
No taxes are required to be paid for the transfer of property by gift or settlement deed within the family relationship.
1) what are the terms and conditions of lease ?
2) there must be clause that in event lessee desires to create third party rights prior permission of board would be necessary
3) for execution of gift deed obtain board permission
4) you can check housing board website for details
1. Father can Transfer the Land Lease rights and the built-up bungalow to Wife & Son or to anyone individual, thru a Registered "Gift Deed". The Approx. Stamp Duty would be 1% and Registration fees would be 1000/- (subject to confirmation from the local SRO office).
2. As yet there is no provision to conduct Online registration of any type of Deeds, more so since SRO office required spot thumb impression and digital photo of all the parties on their computer.
3. Documents: Lease allotment letter, Bungalow Property /Water /Electricity bills, Loan clearance letter and any other available documents to prove ownership of property.
4. AFTER above, give notarized copy of Gift Deed and Application to local Revenue /Municipal authorities for mutation /transfer purposes.
Dear Sir,
The required process will take place at the registrar's office and it can't be done online. You are suggested to approach the registrar's office of the area (where bunglow) is located and confirm regarding the deed, associated costs, taxes, documents etc. because the required transfer is not done online and personal appearance before concerned registrar is necessary for it. The costs, taxes will be as per the circle rate and cost of the bunglow. The documents required will be identity proof, address proof and previous registry of the property.
1. Your father is free to execute a registered gift deed in favour of the person to whom he wishes to transfer the property.
2. Registration of gift deed cannot be done online.
3. In most states an instrument of transfer of property between blood relatives is exempt from payment of stamp duty but registration charges will be levied. Only a local lawyer can tell the registration charges.
4. Engage a lawyer for drafting a flawless deed.
Hi
1. You need to apply for the transfer of ownership in the Tahsildar office and fee may be confirmed from the office of tehsildar of your area as it varies from city to city.
2. No
3. Ownership proofs and the ID cards of both the parties
You father needs to transfer the ownership as a gift deed or joint ownership, there is not a much registered cost for family person. All needs to perform procedure in physical present in the revenue department and municipal corporation.
Make gift deed. It's stamp duty is the least.
As to online registration check it from the website of concerned registry office. It can be only a temporary way. Online registration of immovable property is not valid in law.
Registration deed must be registered by physical process as per registration act.
- Legally , a leasehold property cannot be sold or gifted unless its tenure is changed to freehold.and a leasehold property will always remain property of the lessor.
- However , this property can be transfer by way of execution of Gift deed , after taking prior permission from the Lessor ie. Housing board.
Under which legal provision, the rights of a leasehold property registered, check terms and conditions of lease. Consult Local property lawyer.
Ans: Your father will have to make a transfer agreement in the name of your mother and or yourself and or both of you. The same can be done by way of a gift deed, so that you do not have to pay the stamp duty. However, some registration charges will have to be borne by your mother, which shall be as per the rules and regulations applicable to the state of MP.