Transfer of property to Indian and non-Indian citizen
I have a property in chennai. I intend settling the property in favour of my children now itself. Can i register the property now itself , and if so what is the stamp duty i need to pay.
I have 4 children, 3 daughters and I son. Out of them 2 are Us Citizen ( son and one daughter) . Should all of them come and sign in front of the register, alternatively can they give a POA to someone and can they execute the same. If POA is given by the US Citizen what is the procedure.
Asked 4 years ago in Property Law from Chennai, Tamil Nadu
we would not advise you to execute gift deed at present . once you have transferred property in favour of your children there is no guarantee that your children will look after you in your old age . further you may need funds for your medical treatment . hence it is in your interest to execute will in favour of your children .
however if you so desire you can execute gift deed in favour of your children . it would attract 2%stamp duty in maharashtra depending upon market value of property . it needs to be registered by the donor in presence of 2 attesting witnesses . gift must be accepted by donee during lifetime of donor . presence of donee is not mandatory . donee can appoint POA to accept the gift