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How to transfer ownership from son to mother in joint property
09-Jun-2023 (In Property Law)
Both mother ( primary ) and son are in joint ownership of property . Son is an NRI and wants to transfer his ownership to mother so that the property is in single ownership of his mother. In what manner the ownership can be transferred with minimum cost outflow as this will have to be entirely borne by mother who is a senior citizen. Suggest ways in which this can be done. Please reply Regds,
The son will have the execute a gift deed in favor of his mother for his share in the property. This will work out cheaper than a sale deed and gift tax will also be minimal. He will have to come to India and execute the gift deed and then have it registered to be safe.
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Adv. Angad Mehta
Delhi | 100+ Answers
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How can I transfer my property to my son in India?
A gift deed is a way to transfer movable property according to Section 122 of the Transfer of Property Act of 1882. A gift deed is similar to a sale deed in that it contains information about the property, transferor and recipient. It allows for ownership to be transferred without the exchange of any money. 1 Aug 2023
How do you transfer property after death of mother?
For a legal heir, a relinquishment document is needed to transfer permanent property rights to another legal inheritor. This is a document that must be signed by at least two witnesses and executed on stamp paper. Sub-registrars can also request indemnity bonds from other legal heirs. 7 Sept 2023
Can a son claim his mother's property?
Can a son make a claim to the property that his mother has earned? A son cant claim a share of his mothers self-earned property during her lifetime. Hindus can claim that a son has a right to the property his mother earned if she died intestate.
Can a mother gift her property to son?
Transfer of Property Act requires a Gift Deed, and a Transfer deed to be registered at the Registrar. A Gift deed must be used for the transfer of property without payment. However, Stamp Duty is required as per State provisions. 30 Jan 2022
As per the transfer of property act , ownership in immovable property can be transfered effectively through a duly stamped and registered conveyance deed other wise it won't be a valid transfer.
It can be either be a gift deed or a relinquishment deed or a sale deed ( for which payment of sale consideration is required to be shown )
The only way to avoid payment of stamp duty on registration of a deed is to make a" memorandum of record" of a family settlement between mother and son ( if a family settlement that has orally taken place at an earlier point in time and it then later recorded into writing is termed a memorandum of record of family settlement ) .
Show the share of the son to have been transfered to the mother in the " memorandum " and obtain a decree of declaration on the basis of the memorandum . Such a decree will create ownership of mother on the share of son and does not require to be registered .
It can be either be a gift deed or a relinquishment deed or a sale deed ( for which payment of sale consideration is required to be shown )
The only way to avoid payment of stamp duty on registration of a deed is to make a" memorandum of record" of a family settlement between mother and son ( if a family settlement that has orally taken place at an earlier point in time and it then later recorded into writing is termed a memorandum of record of family settlement ) .
Show the share of the son to have been transfered to the mother in the " memorandum " and obtain a decree of declaration on the basis of the memorandum . Such a decree will create ownership of mother on the share of son and does not require to be registered .
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Adv. Suneet Bhardwaj
Delhi | 25+ Answers
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Please prepare a deed of relinquishment in favor of your mother and leave your all rights in favor of your mother and make endorsement in the official records thereafter she will be the sole owner of the property.
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Adv. Harsh Kumar Gautam
Delhi | 100+ 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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