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Transfer of property to parents-in-law
01-Aug-2023 (In Property Law)
Need to sell a property (jointly owned by me & my wife) to my parents i.e my wife`s parents-in-law. As per the new policy in effective June'2022, if a property is transferred within family (parents, spouse, children, daughter/son-in-law, siblings and grandchildren) instead of 7% stamp duty, only Rs 6,000 will be charged as a total transfer fee.
Question is does this policy cover property transfer to 'parents-in-laws', as in my case of joint ownership, one blood relation is parents-in-law.
on the above mentioned query the legal opinion is that the government has passed the order on dated 3 August 2023 for that concern. so you can proceed for gift of the said property to your in-laws, and the court fee is rs. 5000/- only.
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Adv. Ankit Gupta
Lucknow | 400+ Answers
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