Which is the best way to transfer the right in property
12-Apr-2023 (In Property Law)
I have a residential house jointly in my mother's name (1st name) + my name (adult male). Mother is a house wife. The property was fully funded by myself.Now I want my mother to transfer her rights in this property to myself as I intend to sell this house and use the benefit of LTCG for the purpose of buying a new house this time in self + wife's name.Should my mother use a gift deed or a relinquishment deed to transfer her rights to me. Since my mother did not contribute in buying the property can she gift it to me? Just want to be on the right side of the Law while doing this. Please guide.
Your mother can transfer her share in your name through a relinquishment deed or a gift deed. A certain percentage of stamp duty has to be paid for the property to be transferred by relinquishment deed or gift deed.
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