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Clarification on transfer of shares in Property by legal hiers
11-Feb-2023 (In Property Law)
Hello All, A property was held in my grandmother's name. She had 5 legal heirs (4 Daughters & 1 Son). But property was in the name of grandmother and 4 daughters. After grandmothers demise my father inherits 1/5th of 20% owned by my grandmother and daughters own 20%+1/5 of mother's share. Now all the daughters want to tranfer there share to son/brother. Please suggest if it can be achieved through relinquishment deed or gift deed and how much stamp duty would be charged in this case and if there would be any other charge.
I have read and understood your query and shall be able to address your concern as I specialise in property laws. However I shall need some more information so as to guide you well in this case accordingly.
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Adv. Anish Roy
Delhi | 100+ Answers
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Weeather this property is freehold or lon lease 1 it can be transferd by religuishment deed but later it is better to file a suit and get thete noc before court and ss far as stamp duty concern it is as per state it is not clear from your Q where property situated thanks for making queŕy
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Adv. Bir Singh
Delhi | 25+ Answers
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The stamp duty is calculated on Gift Deed as a percentage of the market value of the gifted property and differs from state to state. Such a gift to relatives attracts stamp duty at a lower rate. In Delhi, charges payable to the Govt. are 7% in case of Male, & 5% in case of female apart from Deed Writers Fee. Whereas in case of relinquishment deed Normally relinquishment in other cases will be 1% of the market value of the relinquished property. But, since your son is close blood related, the charges will be very nominal and lumpsum. I cannot say exactly, because it differs from state to state.
Point B—Let it be a part of multi storied buildings, the rules are same. Regarding rate, you have to enquire from the concerned sub registrar office.
Now its upto you to chose whatever is cheaper.
Point B—Let it be a part of multi storied buildings, the rules are same. Regarding rate, you have to enquire from the concerned sub registrar office.
Now its upto you to chose whatever is cheaper.
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Adv. Siddhant Sharma
Delhi | 500+ Answers
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Hello, 2% stamp duty on partition deed and on movable, Immovable property, only the registration cost in gift deed, except stamp duty. There are no other charges, but legally notifying this, drafting cost will be very nominal.
Jayatee Chatterjee
Jayatee Chatterjee
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Adv. Jayatee Chatterjee
Delhi | 200+ Answers
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Yes. However with regard to stamp duty it is nominal. We need to see the documents and discuss further so that we can answer your query in complete manner. You may contact us by fixing appointment.
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Adv. Sumit Sarna
Delhi | 25+ Answers
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