656+ Lawyers are online 
What is the best way of transferring property
30-Nov-2023 (In Property Law)
One of our client is the present sole owner and member of Co-operative Housing Society, he purchased flat from his auntie-mami (mother's brother's wife) in the year 1989 now wants to transfer back to auntie or uncle(mama), what are the ways of transferring flat to save / evade stamp duty, gift tax, income tax and capital gain tax, if any. Thanks,
If you are looking to transfer property, you have three options -- sales deed, gift deed and relinquishment deed. The later two could work well, when it comes to passing on the property to your relatives,
When you gift an immovable asset like a house, you will need to get the gift deed registered with the authority concerned.If it is something movable like jewellery or cars, registration is not mandatory.
For gift deeds, you will have to bear the stamp duty charges but will not have any tax implications, if you plan to pass on the property of certain relatives. But, keep in mind that a gift deed can be challenged in court, but it cannot be revoked.
By using the next option, a relinquishment deed, you can actually transfer your rights for a particular property to another co-owner.
When you transfer an immovable property via a relinquishment deed, you have to bear the stamp duty costs. Keep in mind that these types of deeds too are irrevocable. This is a good option when it comes to transfer of your share in jointly held property. And finally keep in mind that a relinquishment deed does not give you tax benefits.
When you gift an immovable asset like a house, you will need to get the gift deed registered with the authority concerned.If it is something movable like jewellery or cars, registration is not mandatory.
For gift deeds, you will have to bear the stamp duty charges but will not have any tax implications, if you plan to pass on the property of certain relatives. But, keep in mind that a gift deed can be challenged in court, but it cannot be revoked.
By using the next option, a relinquishment deed, you can actually transfer your rights for a particular property to another co-owner.
When you transfer an immovable property via a relinquishment deed, you have to bear the stamp duty costs. Keep in mind that these types of deeds too are irrevocable. This is a good option when it comes to transfer of your share in jointly held property. And finally keep in mind that a relinquishment deed does not give you tax benefits.
Helpful?
13+
13+
Adv. Siddhant Sharma
Delhi | 500+ Answers
Chat
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 Divorce Lawyers at lawrato.com to address the specific facts and details.
Connect with top Property lawyers for your specific legal issue
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."
