• Joint ownership of flat question

I own a flat in Mumbai and my wife is the coowner(named second) in the registration document. The flat was paid for by me and my father. Then it was registered in my name first and my wife as coowner.
I want to transfer it to only my name. My wife will cooperate for this transfer. What is the best and cheapest process to do this? Do I have to pay stamp duty and registration costs? Or can my wife do a gift deed that is registered?
Asked 7 months ago in Property Law from Greater Mumbai, Maharashtra
Religion: Hindu
1. The cheapest way to do this is to get a gift deed done by you transferring her half share in your name.
2. The said deed is to be registered on payment of stamp duty which is least in all kinds of transfer deed.
3. Apart from stamp duty you have pay registration fees as well.
For rate of such fees contact the local registration office.
Devajyoti Barman
Advocate, Kolkata
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1) your wife can execute gift deed or relinquishment deed in your favour 

2) it should be duly stamped and registeted 
Ajay Sethi
Advocate, Mumbai
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Article 34, in column 2, Bombay stamp act after the existing proviso, the following proviso shall be added, namely:- 
[Provided further that, if the residential and agricultural property is gifted to husband, wife, son, daughter, grandson, grand-daughter, wife of deceased son, the amount of duty chargeable shall be rupees two hundred.]


2) stamp duty on gift deed woukd be Rs 200 only 
Ajay Sethi
Advocate, Mumbai
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1486 Consultations
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She can execute a gift deed in her favour which will have to be mandatorily registered. The stamp duty and registration charges will have to be paid. The stamp duty is always quantified on the basis of the market value of the property. 
Ashish Davessar
Advocate, Jaipur
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507 Consultations
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since the property stands in the joint names of both you and your wife, your wife can execute a Gift Deed or a Release Deed in your favour, which will make you the complete owner of the flat. 
Since this transaction is within wife and husband, a fixed stamp duty and registration fee will have to be paid.
A Gift or Release Deed will cost you the same, for all legal purposes in future a IRREVOCABLE GIFT DEED would be a better option amongst the two.
Kiran N. Murthy
Advocate, Bangalore
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58 Consultations
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For transferring your wife's share of property to your name, she can execute a registered gift deed in your favor.
For transfer of immovable property by gift duty within spouses or blood relations, there is no stamp duty payable in Maharashtra, you may have to pay only the registration charges which is Rs. 500/-
Once the share of her property is transferred to you by executing a registered gift deed document, you will become the absolute owner of the entire property.
T Kalaiselvan
Advocate, Vellore
17480 Answers
165 Consultations
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will the stamp duty be calculated as a percentage on the market cost of the property? Or is it only the cost of the stamp paper?

In Maharashtra no stamp duty payable for transfer of immovable property within the relations.
So dont worry about the calculation of stamp duty.
T Kalaiselvan
Advocate, Vellore
17480 Answers
165 Consultations
5.0 on 5.0

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