Transfer of property to Indian and non-Indian citizens.
I have a property in Chennai. I intend settling the property in favor of my children now itself. Can i register the property now itself , and if so what is the stamp duty i need to pay. I have 4 children, 3 daughters and I son. Out of them 2 are Us Citizen ( son and one daughter) . Should all of them come and sign in front of the register, alternatively can they give a POA to someone and can they execute the same. If POA is given by the US Citizen what is the procedure.
I would not advise you to execute gift deed at present. Once you have transferred property in favour of your children there is no guarantee that your children will look after you in your old age. Further, you may need funds for your medical treatment. Hence it is in your interest to execute will in favour of your children.
However, if you so desire you can execute gift deed in favour of your children. It would attract 2% stamp duty in maharashtra depending upon market value of property. It needs to be registered by the donor in presence of 2 attesting witnesses. Gift must be accepted by donee during lifetime of donor. Presence of donee is not mandatory. Donee can appoint POA to accept the gift.
- 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
- Notice from ALC for driver hired without any paperwork or contract
- Build temple on my property what action can I take
- Filed attempt to murder case no arrest what can I do
- Hired nanny for baby of age 15 year police is blaming for child labour
- Buy back scheme from builder but cheque bounced what can I do