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Can Immovable Property be Transferred?
28-Oct-2023 (In Property Law)
I want to gift, completely free of cost, my parental property to my youngest son. Pl. suggest the proper legal procedure. I have two sons & two daughters.
First get the gift deed drafted by a lawyer and then proceed for its registration. As per Section 123 of the Transfer of Property Act, a gift of immovable property cannot pass any title to the donee unless it is registered. Attestation by two witnesses is required during registration and post registration, title transfer is possible.
Registration of gift deed is done as per the provisions of the Registration Act, 1908. Common steps involved in registration process are:
1. Valuation of property being gifted by an approved valuation expert. 2. Payment of Stamp duty and transfer duty – Stamp duty varies for women and men (Slightly lower for women). Stamp duty also varies from state to state and for latest rates one should visit official state government website. Please note that it is mandatory to register a gift deed with the sub-registrar of assurances as per section 17 of the Registration Act, 1908.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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