Transfer of property to Indian and non-Indian citizens.
I have a property in Chennai. I intend settling the property in favor of my children now itself. Can i register the property now itself , and if so what is the stamp duty i need to pay. I have 4 children, 3 daughters and I son. Out of them 2 are Us Citizen ( son and one daughter) . Should all of them come and sign in front of the register, alternatively can they give a POA to someone and can they execute the same. If POA is given by the US Citizen what is the procedure.
Connect with top Property lawyers for your specific issue
Answers (1)
I would not advise you to execute gift deed at present. Once you have transferred property in favour of your children there is no guarantee that your children will look after you in your old age. Further, you may need funds for your medical treatment. Hence it is in your interest to execute will in favour of your children.
However, if you so desire you can execute gift deed in favour of your children. It would attract 2% stamp duty in maharashtra depending upon market value of property. It needs to be registered by the donor in presence of 2 attesting witnesses. Gift must be accepted by donee during lifetime of donor. Presence of donee is not mandatory. Donee can appoint POA to accept the gift.
However, if you so desire you can execute gift deed in favour of your children. It would attract 2% stamp duty in maharashtra depending upon market value of property. It needs to be registered by the donor in presence of 2 attesting witnesses. Gift must be accepted by donee during lifetime of donor. Presence of donee is not mandatory. Donee can appoint POA to accept the gift.
Googling your legal issue online?
The internet is not a lawyer and neither are you.
Talk to a real lawyer about your legal issue.

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 Property Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or contact a Lawyer of your choice to address your query in detail.
Connect with top Property lawyers for your specific issue
Related Questions
- Property registration, verification on legal issues Title value 35 Lak
- Purchase palgadi system property with stamp duty and registration
- Stamp Duty in case of registration of flat of Rs 40 lakh
- Execution of sale deed after payment of stamp duty
- Will I have to pay society for the transfer of property
- Can I buy property if owner has given special power to his relatives
"LawRato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."
Related Articles
- how to get building completetion & occupancy certificate
- Can a Gift Deed be challenged in India? - Property Gift Deed Rules
- Sons and Daughters Rights in Father's Property
- Illegal Possession of Immovable Property/Land
- Joint Ownership of Property
- Family Property Dispute Legal Solution
- Transfer of Property to Legal Heir after Death
- How to Resolve Land Dispute
- How to sell property in pagdi system
- Grandson's Right in Grandfather's Property
- Hakka Sod Patra in Maharashtra
- How to get succession certificate
- Property Document Verification in Bangalore
- Ancestral Property Partition and Family Rights
- How to send property partition legal notice?