From examining all the facts of your query I want to say that-
These are very common in various Courts of India and Supreme Court of India. You can use the gift deed option. Please understand that any movable or immovable property can be transferred within blood relations without any consideration via a gift deed or a Will. The advantages of having a gift deed is that it can be executed during the lifetime of a donor, unlike a Will which comes into effect only after the death of the testator.
It is pertinent to mention here that Gift is defined under section 122 of the Transfer of Property Act, 1882 (“TPA” or the “Act”). Gift is the transfer of certain existing moveable or immoveable property made voluntarily and without consideration, by one person, called the donor, to another, called the donee, and accepted by or on behalf of the donee. A gift made include land, actionable claims, mortgages, or goods. The transfer of actionable claims like shares, insurance policies by gift deed is valid after compliance with TPA. The essential characteristics that constitute a valid gift are: (i) the absence of consideration; (ii) the donor; (iii) donee; (iv) subject matter; (v) transfer; and (vi) acceptance.
You can do this via executing Power of Attorney (POA) as you do not wish to come to Mumbai, India. A Power of Attorney is an authority given by an instrument by one person, called the principal, authorizing another person called the Attorney or Agent to act on his behalf. Special Power of Attorney gives the authority to the agent to do some particular or specified act.
To my mind every state in India has a different and prescribed percentage of stamp duty that has to be imposed during the time of registration of a gift deed. The stamp duty on a gift deed is usually lower than that of a sale deed but is calculated as a conveyance that of a sale deed. The criteria for imposing a stamp duty on a gift deed vary from state to state.
In Mumbai, the stamp duty fee differ as per the type of the property which is being gifted, such as:-
In the case of agricultural and residential land, the stamp duty is Rs 100.
In case of any immovable property which is given to a family member, stamp duty is 3% of the market value of the property. If a person other than the family member is giving the property, then, in that case, the stamp duty will be 5%. Maharashtra charges 5% stamp duty on actual sale price or ready reckoner rate, whichever is higher.
Lawyer will draft a gift deed within few hours or may be less. It depends upon person to person. Fees of lawyers also depends upon their experience and other factors. They all charge as per their discretion. Even registration depends upon the workload with the registrar's office but mostly it is a quick process. You even have to pay the stamp fee as per the value of the property which is been gifted.
I have observed in many cases that tax evasion is an illegal practice to avoid paying taxes by a person, organization or corporation intentionally. Underreporting income, inflating deductions, or hiding money and its interest takes place by misrepresentation. According to Supreme Court recent judgment the tax evader if caught, is generally subject to criminal charges and substantial penalties. Similarly, Stamp duty is a tax on land and property transactions. The amount of stamp duty depends on the value of the property. If someone is buying a house or even buying a second home, holiday home or buy-to-let property, he/she will have to pay stamp duty. So, it applies on both transferring of immovable property and renting a house or flat. Hence, Stamp duty is also one of the types of fiscal crime like tax evasion.
You may contact my secretary to connect with me for clarification.
I hope you and your family are safe and healthy. Stay home and be safe during Covid-19.
Advocate on Record & Amicus Curiae,
Supreme Court of India