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How to transfer the ownership of a DDA flat
04-May-2023 (In Property Law)
Hi, i have a dda flat in dwarka delhi which is in my wifes name.we want to transfer its ownership to anyone among my mother,daughter(2 yeras old) or my wifes wifes mother .my queries are: 1)how can we execute transfer of ownership in a least cost manner? 2)can we execute a sale deed and not register it because after their(mother or mother in laws) death property will come again to us. 3)our aim is to avoid tax and stamp/registeration duties twice.
Sir you can make a agreement to sell which should be notarized but if you registered it than it has more value and alsoake a will in which ownership will be given to the person you want to give and it will save the tax as well.
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Adv. Lavika Gupta
Delhi | 100+ Answers
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It is beneficial to transfer the property in the name of your wife's mother by way of gift deed. The gift deed will be stamped @ 4% of the total value of consideration. The registration fee will be 1% of the total value + Rs. 100 as stamping charges. The registration of gift deed is mandatory as per registration act. After getting gift deed in the name of your wife's mother you can get the mutation from the concerned Authorities.
Transferring the property in your wife'name will exempt your from tax liability. In case you transfer the property in the name of your daughter, then also you will be exempted from tax, but since she is minor, a guardian has to be appointed. The implications of a guardian is that, in case you want to sell the property, you will have take permission from court until your daughter attains the age of 18.
Transferring the property in your wife'name will exempt your from tax liability. In case you transfer the property in the name of your daughter, then also you will be exempted from tax, but since she is minor, a guardian has to be appointed. The implications of a guardian is that, in case you want to sell the property, you will have take permission from court until your daughter attains the age of 18.
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Adv. Shreshth Jain
Delhi | 100+ Answers
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The best way to transfer the property without paying much is by executing a Will. But there are certain issues: (1) The Will creates a title in future, which can be exercised through probate once the person making the Will passes away (only after death the beneficiary will get the right to sell, mortgage, etc. the property).
(2) Since the persons whom you want to transfer the property are all females; therefore the best way would be to execute a 'Gift Deed' which would require 4% stamp duty and registration cost.
(2) Since the persons whom you want to transfer the property are all females; therefore the best way would be to execute a 'Gift Deed' which would require 4% stamp duty and registration cost.
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Adv. Manu Tripurari
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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