I have an apartment in India of which I am the owner. I would like this to be transferred to my wife's name .Is a gift deed the cheapest possible way to transfer so that the stamp duty charges remain at a minimum. Please advice. Kind Regards Vinod Nair
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- Under section 122 of the Transfer of Property Act, you can transfer immovable property through a gift deed.
- Yes, you can registered a gift deed in her name
- Since, she is your wife , then stamp duty will be minimum due to being close relative , and this depend upon state to state.
Depends on what state in India, this flat is situated. For ex, in Uttar Pradesh, stamp duty on gift deed is same as that of sale deed.
You can execute registered gift deed on wife name to transfer flat in her name
As you have rightly suggested, Gift Deed is the best mode to transfer your property to your wife. The stamp duty for gift deed amongst close relatives is less.
You cannot transfer the property to your wife's name by any method other than by a registered gift deed.
The stamp duty differs from one state to another in India, hence if a transfer of property by a gift deed to your wife would be cheaper in your state has to be confirmed locally.
Registration is gift deed is the cheapest on stamp duty. It is around two per cent in many states. Any immovable property can be sold, purchased or gifted by person residing abroad through Special Power Attorney. The procedure is, draft a special power of attorney on Indian stamp paper of 100 rupees which is available in all countries or even on white paper giving SPA to any of you relatives/friend to sell the property. Go to Indian consulate/high commissioner and get SPA attested which the consulate official will readily do. Due to pandemic walk-ins are to Consulate are suspended, you can get the SPA attested online. Send the SPA to the person named, he will take the SPA to the District Registrar who will validate it by putting his seal and signature. Fee for validation of SPA is 1 % if it is given to blood relation if given to other person it is 2% of government valuation of the property. With the validated SPA you property can be sold by person named.
Dear sir,
By sale deed :
You can include your Spouse's name in the new sale deed and have it registered, mentioning the ratio or portion of ownership. The stamp duty is typically 5-12.5 per cent of the market value of the property (varies by state), while the registration fee is around 1 per cent.
By gift deed :
You can also share ownership by gifting it to another person. In this case, you must have a gift deed drawn up on stamp paper and registered with the registrar's office. A gift to a family member is not taxable. The stamp duty is usually 2% of the property's value, plus a 1% registration fee.
So, yes you will get lesser stamp duty in the gift deed.
Thank You
Stamp Duty in gift deed varies from state to state in India. It varies from 4% in some state to 7% in some.
Yes, a Gift Deed is the safest form of transfer and it completely transfers the ownership along with its assets and liabilities.
which state are you in?
what is the nature of the property?
1. Gift deed is the cheapest option here.
2. After registering the gift deed, get her name mutated also in the land revenue and municipal records.
1. Gift deed can be executed but it has to be registered.
2. For stamp duty charges you must consult a local lawyer.
