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Trf of property on death of Co owner
03-Nov-2023 (In Property Law)
The property in question was co owned by my father and my cousin (my father’s elder brother’s son). My cousin expired recently without a will. My father wishes to trf the property to my cousin’s son (he is the only son). Can this be done without attracting gift tax.
This is my response to you:
1. The cousin's son becomes the owner after the cousin's death;
2. The father and the cousin's son are the co-owners now;
3. The father can execute a Gift Deed but the stamp duty is 3%;
4. In the alternative the father can make a Deed of Relinquishment in favour of cousin's son;
5. Consult a local lawyer and take steps.
1. The cousin's son becomes the owner after the cousin's death;
2. The father and the cousin's son are the co-owners now;
3. The father can execute a Gift Deed but the stamp duty is 3%;
4. In the alternative the father can make a Deed of Relinquishment in favour of cousin's son;
5. Consult a local lawyer and take steps.
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Adv. Gowaal Padavi
Mumbai | 500+ Answers
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