1) father can execute gift deed in favour of his wife and sons
2) gift deed by father in name of family members attracts nominal stamp duty .
3) gift deed should be duly registered
How to get transfer of property from father
We have a property in name of our late grandfather who died in 2005 My father has a will in his name and got all relinquishment deed from all his brothers and sisters Now due to his bad health, he want to divide 4 floors among his wife and 2 sons. (4 floors in total) We want to take a loan on 1 floor and furnish our house. We want a permanent solution that do not disturb us even after his death How can we do that avoiding stamp duties
Asked 8 years ago in Property Law
Religion: Hindu
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7 Answers
Is there any way out to save nominal stamp duty
Asked 8 years ago
there is no way you can save on nominal stamp duty
We want to take a loan on 1 floor and furnish our house.
We want a permanent solution that do not disturb us even after his death
How can we do that avoiding stamp duties
Your father can either partition the properties and disburse the shares of properties to the individual shareholders accordingly or can execute a registered gift deed separately to each individual and transfer the properties as per the gift deeds.
In any case without paying stamp duty the deed cannot be registered and an unregistered deed is not valid especially with regard to transfer of immovable property is concerned.
You can execute a family settlement and record its memorandum, which is the only way to avoid payment of stamp duty.
1. Will is not required top be probated for properties located in New Delhi,
2. So, by virtue of the said will your father is the title holder of the said property,
3. He can now execute and register a settlement deed by dividing the entire properties in favour of his wife and children,
4. After that all of you can mutate your names in property records.
1. If you want the properties to be divided now itself then you shall have to register the settlement deed and pay the stamp duty accordingly,
2. If you do not want to pay any stamp duty, you can ask your father to execute a will which will not be required to be registered or probated and no stamp duty will be charged on the will. However, in this case you won't get ownership of the shares of the properties before the demise of your father.
Hi your father can execute gift deed in favour of his wife and children so that the property will be transferred immediately and stamp duty payable also very nominal.
