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.
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