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Transfer of flat ownership from an elder to younger sister
23-Jan-2023 (In Property Law)
Hi, my elder aunty wants to gift her property in the name of my mother (younger sister). This property was owned by my mothers father. After his death, the flat been transferred to my grand mother and elder aunty’s name. Now my grand mother is no more and this as a goodwill gesture, my aunty would want to transfer the ownership to my mothers name. Is gift deed mandatory in this case or even Release Deed is accepted ? What are the stamp duty and registration charges for both? Please advise. Thank You so much.
You can transfer by way of gift deed or release deed also. Being a transfer without consideration it stamp duty will be 2 percent and Regis will be 1 percent up to. 30000. However standout will be assess on the flat situates
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Adv. Ganesh Arjun Ranadive
Pune | 50+ Answers
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You have not mentioned as to where the property is located as stamp duty and registration charges vary from state to state and even in the same state they are different in Metropolitan region and rural areas. your aunt can give her share in the said property in your mother's name by gift deed.
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Adv. Mukesh Vasant Shinde
Thane | 400+ Answers
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This is my response to you:
1. This will depend on who was the real owner of the property on today's date;
2. The release deed will be operative only when both the sisters are owners;
3. In your case, gift deed is the option;
4. Consult a local lawyer and take steps.
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Adv. Gowaal Padavi
Mumbai | 1000+ Answers
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