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.
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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.
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