Bought joint property. How to transfer it my name?
I recently purchased a property in joint name of me and my mother. I want to get the entire property transferred in my name. Please tell me how can we do that?
Your mother can execute relinquishment deed in your favor. It attracts nominal stamp duty. The relinquishment deed has to be registered.
In the alternative your mother can execute gift deed in your favor and have it duly stamped and registered. Gift deed attracts 2% of market value of the property as stamp duty. If you don't want to spend any money on stamp duty your mother can make a will in your favor for her 50% share.
No stamp duty is payable in respect of Will and it need not be registered.
- Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Property Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail.
Get Started >>
Answers by Our Lawyers
- what all documents are required for Court Marriage?
- Want mutual divorce but we belong to different religion
- Salary is not paid by the employer since one year
- Money earned after selling my old car do I have to pay tax
- Sarpanch of my village not giving rashan card how to claim it