• Gift Deed - Transfer the property in brothers name

I have a property in Pune purchased in 2012 and now wish to transfer the title in my brothers name so that he can then sell the said property. I have heard that to minimise the effective costs of gift Deed now govt of Maharashtra has waived off Stamp Duty and Registration cost and it can be done on 500 Rs Stamp Paper. Can the official registration process be skipped and still it will be transferred in his name and he can be a direct seller/owner during the SELL transaction?

What's the most effective way to do a Gift Deed to minimise cost yet meet the objective?

Thanking you all in advance!
Pankaj
Asked 20 days ago in Property Law from Pune, Maharashtra
Religion: Hindu
If you want to transfer the flat only for the purpose of later selling the same then best option is to give your brother a registered Power of Attorney.
Making of POA is most cost effective compared to gift deed in may times.
Devajyoti Barman
Advocate, Kolkata
5179 Answers
54 Consultations
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1.The most effective way to do a Gift Deed is to register the deed in the Registrar's Office even though the Stamp Duty & Registration cost is waived off.
2. Just because the Government has waived off the Stamp Duty & Registration cost it doesn't mean that the official registration process be skipped.
3. Only after registering the Gift Deed the transfer of property takes place.
Shashidhar S. Sastry
Advocate, Bangalore
1233 Answers
59 Consultations
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you have to execute gift deed in favour of your brother 

2) gift deed has to be stamped and regd 

3) since transfer is being made in favour of brother you will have to pay 2%stamp duty on market value of property 

4) further you have to pay 1%of market value or maximum Rs 30,000 as registration charges  whichever is less 
Ajay Sethi
Advocate, Mumbai
23151 Answers
1216 Consultations
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1) legal fees vary 

2) stamp duty charges would be 2%of market value as mentioned in maharashtra . only if property is gifted to husband , wife , son daughter , grand son , grand daughter stamp duty would be Rs 200 . 

3) registration charges as mentioned earlier 

4) LBT is 1%of the value of property 
Ajay Sethi
Advocate, Mumbai
23151 Answers
1216 Consultations
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 have a property in Pune purchased in 2012 and now wish to transfer the title in my brothers name so that he can then sell the said property. I have heard that to minimise the effective costs of gift Deed now govt of Maharashtra has waived off Stamp Duty and Registration cost and it can be done on 500 Rs Stamp Paper. Can the official registration process be skipped and still it will be transferred in his name and he can be a direct seller/owner during the SELL transaction?
What's the most effective way to do a Gift Deed to minimise cost yet meet the objective?



If you want to transfer the property to your brother you can execute a registered gift deed.

For this there is no stamp duty if the transfer is within the close relationship.

The applicable registration charges have to be paid before the registrar's office. 

Your brother after affecting the mutation  records on his name can sell the property to any one. 
T Kalaiselvan
Advocate, Vellore
13948 Answers
127 Consultations
5.0 on 5.0
While I respect the law of land wanted to know the best way to sell the property where my brother would be treated as Owner and I am no party to it even in tax liability as I have no interest in that property.

You can execute a general power of attorney in favor of your brother  and he can sell the property as your power agent.
By this both of you shall be a party to the sale deed. 





It looks like POA is still the way where I will need to pay the taxes coming out of that transaction.


In any case you do not have an escape to pay the taxes to the government 









So can I safely assume that I will have to go ahead with Registered Gift Deed where I will gift the property to my brother and he is free to sale thereafter? Where are the various charges applicable apart from the legal charges applicable in Pune as I have heard that LBT - Local Body Tax is still applicable? Kindly mention the applicable taxes, chargea/fees and documents necessary to proceed.

All the information desired can be had by making a visit to the local SRO and the procedural aspects to be followed for this transfer also shall be explained by a  document writer.
You may approach a document writer who will be able to guide you properly on all aspects in this regard. 
T Kalaiselvan
Advocate, Vellore
13948 Answers
127 Consultations
5.0 on 5.0

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