Is other person's presence necessary while gifting them my property?


How can I transfer my property in favor of my children? All of them are settled in different countries. Can it be done without requiring their physical presence in India? What would be stamp duty on the registration of the property in Chennai?

Answer

It is not advisable to pass on your property to children right away as there is no guarantee that they would take your care once the property is transferred. So we would advise you to give them the said property though Will. 

However, if you so desire you can execute gift deed in favor of your children. Stamp duty in Chennai is 8% of market value of property. It needs to be registered by the donor in presence of 2 attesting witnesses.

Gift must be accepted by your children during your lifetime. Presence of your children is not mandatory.

Your children can make a POA to accept the gift.

 


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