• Transfer of joint ownership to single ownership

A property is in the name of son and mother in South Delhi . The son is an NRI and wants to relinquish his name and transfer the entire property in the name of his mother. How can this be done with minimum cost. The son is not in a position to come to India a number of times as the procedures in India are long drawn and take many visits to the office of the Municipal Corporation of Delhi. 
Can this be gifted where there are no charges and the with a gift deed the registration can be modified?
Please suggest the best and cheapest possible way .
Thank you
Asked 4 months ago in Property Law from New Delhi, Delhi
Religion: Hindu
Hi 
The cheapest and best way is for the son to execute a registered gift deed in the name of the mother at the sub-registrar office. 

The whole process of executing a registered gift deed at the sub-registrar office is a one time affair and will be completed in maximum 1 or 2 days. 

The stamp duty and registration fees are almost the same for both registered gift (by the son in favour of the mother) and the relinquishment deed(by the son in favour of the mother).

However there will be no tax benefits in case of relinquishment deed and transfer by relinquishment deed is subjected to capital gains tax. 

As per the tax laws, the term 'transfer' includes relinquishment, not gift. Hence, when you are relinquishing property for monetary consideration, it will result in capital gains for the transferor(you).

Hence a Gift deed is the cheapest and best option. 
Hope this helps
Rajgopalan Sripathi
Advocate, Hyderabad
873 Answers
43 Consultations
5.0 on 5.0
1) son can execute gift deed in favour of mother 

2) gift deed has to be stamped and regd 

3) in Maharashtra stamp duty woukd be 2 percent of market value of son share I n property 

4) gift deed has to be regd 

5) if son is not in position to come to India he can execute POA in favour of family menber to execute gift deed 
Ajay Sethi
Advocate, Mumbai
23386 Answers
1229 Consultations
5.0 on 5.0
1) legal fees vary it depends upon lawyer engaged by you 

2) registration charges would be around Rs 30000 

3) lawyer would draft gift deed on basis of details of property mentioned in sale deed 
Ajay Sethi
Advocate, Mumbai
23386 Answers
1229 Consultations
5.0 on 5.0
1. He has to execute a gift deed in favour of his mother. Since he is not able to come personally to India he may execute a GPA in favour of a blood relative in India to execute the gift deed in favour of his mother in the office of the sub-registrar. 

2. The stamp duty and registration charges, unless exempted by the state, will have to be paid.
Ashish Davessar
Advocate, Jaipur
18259 Answers
450 Consultations
5.0 on 5.0
Hi 

1) A gift deed is out of love and affection and does not involve any monetary compensation.

2) You should approach the document writer/lawyer in your locality who will prepare the legal document for you. Professional Fees for document writing could range between 5000 to 10000-/-

3) Stamp duty and transfer duty @ 4% of the market value if the donee is a woman and @ 6% if the donee is a man. In your case it will be 4% as you are gifting it to your mother
Plus
4) Registration fee is 1% of the total value+Rs.100/- pasting charges.

5) However for the purpose of computing stamp duty and registration charges, market value of the property (in your case market value of the property divided by two as your share is only 50% of market value) is taken on record based on government valuation. 

Hope this helps
Rajgopalan Sripathi
Advocate, Hyderabad
873 Answers
43 Consultations
5.0 on 5.0
If this property was jointly purchased in the names of the mother and the son then the son can transfer his share of property to his mother by executing a registered gift deed or settlement deed or by a registered sale deed.
If this property was inherited then the son can execute a registered release deed in favor of his mother relinquishing all his rights in the property.
The mother can become an absolute owner by adopting any of the measure suggested above. 
T Kalaiselvan
Advocate, Vellore
14161 Answers
128 Consultations
5.0 on 5.0
The son does not want any money. What would the legal and registration charges be? He wants to gift his part so that the property is only in the mothers name.
What are the details of documents required for the son as well as the mother. What would the legal charges be for making gift deed and what are the court charges for registering the gift .

If the son would like to execute a registered gift deed transferring his share in the property in favor of his mother, he can get the gift deed drafted through a document writer, present it for registration before the sub registrar office within the jurisdiction, pay the applicable stamp duty and the registration charges.
The original title deed has to be produced for verification along with address proof and id proof. 
T Kalaiselvan
Advocate, Vellore
14161 Answers
128 Consultations
5.0 on 5.0
Dear Concerned, 

The best and easiest way to get this done is Send a Special Power of Attorney (Registered) in favor of someone of your family member who is given rights to transfer on your behalf to you mother. Followed to which a Relinquishment Deed will be made and the share of your property will be transferred to your mother's name. You can contact our office for the same we recently got similar things done for a family.

Best of Luck.
Atulay Nehra
Advocate, Noida
444 Answers
15 Consultations
4.7 on 5.0

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