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Procedure to transfer property and the cost involved
18-Jun-2023 (In Property Law)
Dear Sir/Madam - I have a flat purchased in year 2002 in Mumbai. The flat was purchased 50% by me and 50% by my mother. My mother wants to transfer her 50% share to my wife so that my wife will be co-owner in the flat. Does this share transfer have any cost involved? How much time (in days/weeks) it takes to transfer her share to my wife? What is the procedure to transfer this right? Is this transfer of share be done via gift deed? If yes, does the gift deed have any stamp duty to be paid. If yes what % or amount?
Pls note that the either ur mother can transfer her share in favour of ur wife by way of gift deed/ Deed of Assignment.
Secondly either ur mother can transfer her share in favour of u that can be more economical.
Secondly either ur mother can transfer her share in favour of u that can be more economical.
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As per your query,
Your mother can transfer her 50% rights in favor of your wife by executing a Deed of Assignment. Deed of Assignment would attracted only upon the 50% valuation of property. Your mother can definitely execute a Deed of Gift in favour of your wife, however the Stamp duty payable shall be the same. As the law provides that, exemption of stamp duty is only granted if the property is gifted to a family member being the husband, wife, brother or sister of the donor or any lineal ascendant or descendant of the donor.
Regards
Your mother can transfer her 50% rights in favor of your wife by executing a Deed of Assignment. Deed of Assignment would attracted only upon the 50% valuation of property. Your mother can definitely execute a Deed of Gift in favour of your wife, however the Stamp duty payable shall be the same. As the law provides that, exemption of stamp duty is only granted if the property is gifted to a family member being the husband, wife, brother or sister of the donor or any lineal ascendant or descendant of the donor.
Regards
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Adv. Neelkanth Goswami
Thane | 200+ Answers
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Dear Querist, Yes, the proposed transfer would involve a stamp duty of 3% on the market value of the property. Process of transfer can be completed in 1 day, if all documents are in place. Yes, it will be way of a Gift Deed.
Instead of that, it is suggested that let your mother gift it to you and then later on you gift that share to your wife, in which case there would be a minimal Rs 700/- duty on each transaction, so Rs 1400/- for both would be the government charges.
Regards,
Rakesh V. Misar
Instead of that, it is suggested that let your mother gift it to you and then later on you gift that share to your wife, in which case there would be a minimal Rs 700/- duty on each transaction, so Rs 1400/- for both would be the government charges.
Regards,
Rakesh V. Misar
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Adv. Rakesh Misar
Mumbai | 200+ Answers
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