Hi,
I own a flat in Mumbai. The flat has 2 persons registered on the same. I want to add the name of my son as a third owner.
I understand the same can be done by execution of a gift deed. Is this correct?
If yes, for Mumbai -
1) What is the applicable stamp duty considering the gift deed is within family?
2) What will be the registration charges?
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  • Can some answer this, i have the same query.
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  • Gift deed and sale deed will always be the same registeration charges

    if you have blood relation you can go for settlement deed (only within you family) which will cost you less charge Rs.10000 (not sure about mumbai)

    registeration charges depends upon the flat government value might be 6 to 8 % in Maharasthra, in TN it is 7% stamp duty and 1% registeration
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  • Property Transfer via Gift deed

    Hi,

    I own a property and myself and my Mother are the joint owners of the same. The Housing Loan is on my name and my mother is co-applicant playing guarantor's role and hence we both are owners of the said property. (This is RTM property and I am currently staying there along with my parents and my Wife. I also have an elder brother.
    My mother wants to transfer her ownership in the flat and make me the sole owner of the property in order to avoid any claim by my Brother in future after her demise. How can this be done? Gift deed? If So, what is the process and Gift Tax that will be levied to make this happen. Any other charges? NOC documents etc that would be required to take this to closure?
    I will approach a lawyer to get this done but need to know the details so that Lawyer does not take me for a ride.
    I read it somewhere that Gift Deed execution to Blood relatives is not taxable. However need confirmation on the same from you experts.
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  • Also, I guess, It will be relinquishment deed as it is transfer of rights from one co-owner to other. Am I right? Need to know the Tax implications and total charges that would apply. This property is in Thane, Maharashtra.
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  • Can anyone answer the above queries pls. This thread seems to be dead. MANOJa;
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