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How can transfer of ownership be done for a flat
03-Dec-2023 (In Documentation Law)
To facilitate my in-laws to purchase a flat for their stay, A flat was purchased on loan in year 2000 on my name since my salary was eligible for the required loan amount. The said flat was accordingly registered on my name but the required EMI amount was paid to me by my in-laws and the loan was re-paid. My in-laws are staying in the flat since purchase. Now I want to transfer the flat on the name of my in-laws without any monetary transaction and without any tax implications to me. Please guide me accordingly on way forward.
I presume that the sale deed has been executed in respect of said flat and before taking any such steps obtain bank written approval before switching of the names, loan can be transferred from you to the person you want to execute the sale only if bank approves it.
Or else you can also execute a gift deed in his favor.
Or else you can also execute a gift deed in his favor.
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Adv. Siddhant Sharma
Delhi | 500+ Answers
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