Transfer of Cooperative housing society flat to wife
I want to transfer ownership of my flat, registered under West Bengal Cooperative Housing Society, to my wife as gift. I need to know if this gift need to be registered and does this attract any stamp duties. Both me and my wife are senior citizens. Kindly help.
Asked 9 months ago in Property Law from Kolkata, West Bengal
1) gift deed in favour of wife for transfer of flat needs to be duly stamped
2) registration of gift deed is mandatory
you should get a gift deed prepared and get it registered fro transfer, then apply in the society for transfer of shares.
To register a gift deed in your wife name it is a nominal fee and no stamp duty more than 500/rupees.
it must be registered under section 123 of TP Act. not only registered but it must be attested by at least 2 witness. according to sec 123 gift of immovable property valued more than 100 shall be registered and attested.
Gift deed requires mandatory registration, failing which it does not convey title from the donor to donee. The stamp duty part can be answered only by a local lawyer as it is not uniform throughout India.
Transferring an immovable property shall always be executed by a registered document. An unregistered document is not legally valid.
The applicable stamp duty has to be paid, there is no exemption for senior citizens.