• Gift deed

Hello,

My dad and I own a villa jointly in Bangaore. It is registered in both our names. My father wants me to have owner ship of villa completely. He wants to relinquish his share.

1. How to write the gift deed to accomplish this? 
2. What is the cost involved? 
3. Property is located in Bangalore. Does the gift deed need to be registered in Bangalore? or can it be registered else where in any city?

Thank you,
Ramana
Asked 7 years ago in Property Law
Religion: Hindu

2 answers received in 10 minutes.

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13 Answers

1. Since he wants to make you the absolute owner of the villa the most appropriate way to do this is through execution of a gift deed which has to be registered in the office of sub-registrar as a gift deed results in instantaneous transfer of title to the donee.

2. The cost is the fee of the lawyer for the drafting of the deed, stamp duty and registration charges.

3. The deed has to be registered in the office of sub-registrar within whose jurisdiction the property is situated.

Ashish Davessar
Advocate, Jaipur
30763 Answers
972 Consultations

5.0 on 5.0

1) get the gift deed drafted by lawyer

2) gift deed has to be registered in Bangalore where property is situated

3) legal fees vary . Stamp duty varies from

State ti state for execution of gift deed

Ajay Sethi
Advocate, Mumbai
94518 Answers
7485 Consultations

5.0 on 5.0

Hi, your father has to execute the gift deed in your favour.

2. Gift deed has to be registered in Bangalore.

3.Gift deed has to be drafted with the help of the Advocate and it has to be registered.

Pradeep Bharathipura
Advocate, Bangalore
5604 Answers
335 Consultations

4.5 on 5.0

1. Your father shall have to register a gift deed or relinquishment deed conveying his 50% share of the said jointly held property. The basic requirement in the gift deed is that the gifted property shall have to be accepted by the donee and possession of the same shall have to be taken by him duly mentioning the same in the gift deed itself. Engage a local lawyer to help you in this regard.

2.The cost to be incurred towards stamp duty and registration fees will depend on the value of the gifted property as decided by the Registrar and the amount will be decided as per the rule fixed by the local State Government.

3. The Gift Deed shall have to be registred at the Registrars office having jurisdiction on the area where the property is located. Certainly it will be at Bangalore.

Krishna Kishore Ganguly
Advocate, Kolkata
27191 Answers
726 Consultations

5.0 on 5.0

1. Let your father execute either a Relinquishment Deed or a Gift Deed in your favour.

2. I can offer my services for preparing the documents. The cost would be Rs.2500/- for preparing the document. If the same has to be registered in Bangalore, the cost would be Rs.5000/- (including Rs.2500/- towards preparing the document) but excluding the statutory fees + miscellaneous fees at the Sub Registrar's Office.

3. Since the property is located in Bangalore the document also has to be compulsorily registered in Bangalore only.

Shashidhar S. Sastry
Advocate, Bangalore
5068 Answers
314 Consultations

5.0 on 5.0

you have to pay tax on gift deed, it would be better for you to get POA in your favour because he is co-owner of this property. only 1000 rs fee will be charged without any tax if you are the only heir. it there is more than one heir then you should prefer gift deed. stamp and gift tax will be applicable. you should hire a local advocate he will give exact information about stamp duty.

Shivendra Pratap Singh
Advocate, Lucknow
5127 Answers
78 Consultations

4.9 on 5.0

1. It is a job of a skilled person and hence meet an advocate who would draft the gift dded.

2. Cost varies from person to person.

3.Yes , Bangalore is preferable.

Devajyoti Barman
Advocate, Kolkata
22774 Answers
484 Consultations

5.0 on 5.0

1. Since your father is gifting his share of the property to you , the registration fee would be less than Rs. 1000/-.

2. The Stamp Duty for Gift Deed amongst blood relatives is Rs. 5650/-.

3. Since there is no cash transaction involved in the Gift Deed there shall be no tax.

Shashidhar S. Sastry
Advocate, Bangalore
5068 Answers
314 Consultations

5.0 on 5.0

No tax is to be paid on gift deed only stamp duty and registration charges

2) as per Article 28 of the Karnataka Stamp Act, "Family in relation to the donor for this (Gift) Purpose means,( Father, Mother) Husband, wife, son, daughter, daughter-in-law, brother, sister and grand children.

2. gift is executed by father in favour of son then stamp duty payable is " Rupees One Thousand Only.

Ajay Sethi
Advocate, Mumbai
94518 Answers
7485 Consultations

5.0 on 5.0

1.&2. The Registration fees and the amount of the stamp duty to be required for registering the aid gift deed will be fixed as per the prevailing rule fixed by the local State Government which undergoes periodic changes. The exact amount towards the said two heads will be best ascertained by filing the query sheet before the local Registrar.

3. There will be no tax to be paid for accepting the gift based on the said gift deed. The donee shall have to pay the wealth tax later on if the total value of his properties, after accepting the said gift deed, crosses the permissible limit.

Krishna Kishore Ganguly
Advocate, Kolkata
27191 Answers
726 Consultations

5.0 on 5.0

A. Execution of Gift Deed within the family members would be liable to pay very less stamp duty as well registration fee ( Approximately Rs.1000/- including scanning, miscellaneous charges).

B. Gift Deed must be registered in the eyes of law.

C. Since the property is located in the Bangalore City that deed to be registered in Bangalore City Sub Registrar office.

B.T. Ravi
Advocate, Bangalore
943 Answers
96 Consultations

5.0 on 5.0

1. Your father can execute a registered settlement or gift deed in your favor i respect of his share in the jointly owned villa. He can take the help of a document writer or an advocate for this purpose.

.2. The cost can be enquired locally in respect of service charges and the stamp duty to be paid for either the settlement or gift deed.

It differs from one state to another across the country.

3. The property if located in Bangalore then the gift deed can be registered with n the Bangalore limits Sub registrar's office only.

T Kalaiselvan
Advocate, Vellore
84711 Answers
2172 Consultations

5.0 on 5.0

Property is registered for 1crore 76 lakhs. It is located in Bangalore.

1. How would be the registration fee for gift deed?

Local subject, a local advocate or enquiry from the local sub registrar's office will provide you the desired details in this regard.

2. How would be the stamp duty for gift deed?

Local subject, a local advocate or enquiry from the local sub registrar's office will provide you the desired details in this regard.

3. Would there be any tax that needs to be paid for the gift deed?

From October 1, 2009, gifting of immovable property was also included as taxable income, along with movable property. Since then, immovable property, i.e., land or building or both, received as a gift, is taxable as income in the hands of the recipient.

T Kalaiselvan
Advocate, Vellore
84711 Answers
2172 Consultations

5.0 on 5.0

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