Procedure to transfer Jointly registered flat back to sole ownership

I have purchased flat in 2014 within PMC areas. Though it's me who has purchased it and have been paying the 100% EMIs , I had registered it with mother as a joint owner for some reasons. But now I would like to have it transferred it back to my name 100% and also my mother is ok with it as She knows it's me who has been paying for it 100% . How much stamp duty or taxes I will have to pay for this gift deed? Let's assume as per the current ready recline rates , value is 55 lakhs. Also if my mother can have a will for this flat then is it enough? And in this case vI avoid expenses involved for gift deed?

Answers (3)

341 votes

As per the valuation provided by you if you want to executed a gift deed in your favor then you have to pay the stamp duty i.e.3% on your residential flat value i.e. Rs.1,65,000 alongwith 1% LBT i.e.30000 and 1% Registration Feed i.e.30000 and There is no stamp duty on registration of will. The department will levy a nominal registration fee. Contact the local registrar in your area where you want to register the will. You will require 2 independent witnesses other than the executor or legatee named in the will. However, in Gift Deed you will get 100% share in your mother existence and in Will after your mother passed away.

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265 votes

The easiest way is to execute a gift deed between your mother and yourself. By this gift deed your mother will gift your her share in the flat. Since you are blood relative of your mother the usual stamp duty for transfer of immovable property is not attracted. Therefore, I believe it would not cost much to draft, execute and register the gift deed and accordingly transfer her share completely in your name.

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257 votes

It is better to go for gift deed because property is in joint name, it also saves stamp duty. You both also can execute rights relinquish deed. I think in maharastra there is nominal stamp duty for both..

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