• Property transfer in family

I have property in mumbai and I want to transfer to my wife's name so what are the procedures and documentation require and how about stamp exp. registration fee and expenses in family transfer do we have to pay gift tax ?.

Do we have to come from USA or power of attorney works ? 

Please let me know.
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Raj
Asked 8 years ago in Property Law
Religion: Hindu

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7 Answers

1) you will have to execute gift deed in favour of your wife for transfer of property in her name

2) obtain nOC from society for transfer of flat

3) gift deed should be duly stamped and regd

4) you have to pay stamp duty on transfer of flat

5)vide the Maharashtra Stamp (Amendment) Act, 2015, which came into effect from 24 April 2015, it has been provided that if residential and agricultural property is gifted to a husband, wife, son, daughter, grandson, grand-daughter or wife of deceased son, duty chargeable shall be Rs.200 only.

6) registration charges would be around Rs 30,000

7) it is better you come down to india for said purpose

8) you can execute POA fr transfer of property in favour of a relative . it has to be attested before indian consulate and registered in indi

Ajay Sethi
Advocate, Mumbai
94719 Answers
7531 Consultations

5.0 on 5.0

1. You can execute a deed of gift in favour of your wife.

2. Stamp duty and registration fees differs from city to city.

3. Any of the two wll have to come as at least one of the donor or donee is required to be present while doing so while the other can be represented through his/her POA holder in India.

Devajyoti Barman
Advocate, Kolkata
22822 Answers
488 Consultations

5.0 on 5.0

You can execute a gift deed in favour of your wife. Instead of coming to India you may execute a Power of Attorney in favour of any of your relatives to authorize him to execute the gift deed for and on your behalf. The POA has to be attested at Indian Consulate in US and then registered in India. There is no stamp duty in Maharashtra for transfer of property to blood relations.

Ashish Davessar
Advocate, Jaipur
30763 Answers
972 Consultations

5.0 on 5.0

1. Through GPA you can transfer the property.

2. Since you have not given the location of the property it is not possible to give the exact Stamp Duty and Registration expenses. If the property were to be in the State of

Karnataka, then the stamp duty and registration expenses would be meagre.

3. You need not pay wealth tax.

4. You need not come to India to complete the transaction and the POA can take care of that.

Shashidhar S. Sastry
Advocate, Bangalore
5116 Answers
314 Consultations

5.0 on 5.0

Hi, you have to execute gift deed in favour of your wife, Normal stamp duty is levied as the transaction is between the family members.

2. You need not pay gift tax.

3. You can also execute Power of attorney, through Power of attorney you can transfer the property.

Pradeep Bharathipura
Advocate, Bangalore
5604 Answers
335 Consultations

4.5 on 5.0

You can transfer the property to your wife by executing a registered gift deed. For execution of this gift deed, you may either be present in person before the registrar's office in Mumbai or can authorise your agent or a representative on whom you shall execute a General or Special power of attorney and this execution may be done in US itself, but it is to be attested by a Notary public at US or by an official of Indian Embassy/consulate in US, and the said power of attorney deed shall be sent to the power holder in a sealed envelope which shall be opened by the concerned registrar in front of the power of attorney agent, get it registered by paying registration charges, after which the power agent shall execute the registered gift deed in your wife's favor representing and on behalf of his principal, similarly, your wife being a donee, may also authorise her agent to sign the acceptance of the gift on her behalf by following the said procedures mentioned above to establish the acceptance of the gift deed. No doubt the donee need not sign the acceptance before the registrar by law, but being a transaction of the people staying abroad, this would be an evidence for the transaction taken place legally.

T Kalaiselvan
Advocate, Vellore
84919 Answers
2195 Consultations

5.0 on 5.0

1.You shall have to execute and register a Gift Deed conveying the titrle of the said property in favour of your wife,

2. Gift Tax will depend on the value of the property,

3. You can execute a POA in favour of any one in India and get the said POA notarised before your local consulate,

4. The said POA holder can execute and register the said Gift Deed in your favour in India and in that case your wife shall have to appear before the registrar.

Krishna Kishore Ganguly
Advocate, Kolkata
27219 Answers
726 Consultations

5.0 on 5.0

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