Transfer of property from father to son
I have purchased s property in join name of me and my father.
I want to transfer the entire property only in my name.
Please help me to understand the law
Asked in Property Law from Mumbai, Maharashtra
how to get the property transferred ?
Asked 3 years ago
1. You can do so only if your father gives consent to it.
2. If he does then he will have to execute a deed of gift or deed of relinquishment/release in your name transferring his hal share in your faavour.
3. The same requires to be registered on payment of stamp duty.
4. if you want to avoid stamp duty then he can execute a Will in your favour which will come into effect only after his death.
1) your father can execute relinquishment deed in your favour . it attracts nominal stamp duty . the relinquishment deed has to be registered .
2) in the alternative your father can execute gift deed in your favour . have it duly stamped and regd .
3) gift deed attracts 2%of market value of the property as stamp duty .
3) if you dont want to spend any money on stamp duty your father can make will in your favour for his 50%share .
4) no stamp duty is payable in respect of will . it need not be regd .
5) get said documents drafted by local lawyer