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Gift deed by father for his son is it legal
20-Aug-2023 (In Property Law)
My home in co-op hsg society had been demolished and the new building is under construction. My father wants to go for a gift deed for me now. my query is - 1. Is it possible to go for a gift deed? 2. Do law consider it as legally right? 3. Will it attract any stamp duty for this if possible. & is it applicable to legal heirs like Son or daughter? This is the case is in Mumbai & for Hindu family.?
1/1 A father can gift the property to son.
2/2 But property should be of self earned type and it should not be an ancestral property.
3/3 No stamp duty required for blood relation . Only registration charges
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Adv. Sanjay Nana Ranpise
Mumbai | 25+ Answers
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My Response to your query:
1) yes it is possible to go for gift deed if your father wants to gift property which is belongs to your father or in the name of your father than it is possible.
2) yes it is permissible your father can gift you.
3) yes it will chars as per valuation of that property you may inquire in office of registrar.
For consultation you may contact me
Thank you
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1. Is it possible to go for a gift deed?
Answer: Make a Gift Deed after the redevelopment process is complete so that registration can be done immediately. It is better to make a Will now;
2. Do law consider it as legally right?
Answer: Since the flat is not allotted a gift deed will have nullity;
3. Will it attract any stamp duty for this if possible. & is it applicable to legal heirs like Son or daughter? This is the case is in Mumbai & for Hindu family.?
Answer: Stamp duty will be very minimum and the registration fees will be nominal as per the prevailing rate etc.
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Adv. Gowaal Padavi
Mumbai | 1000+ Answers
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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 Divorce Lawyers at lawrato.com to address the specific facts and details.
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