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Gift Deed of Property to Son
9 months ago
I am 90 yrs old and wish to gift my flat in Bengaluru to my only son to him (I have already willed it to him on my death).
A.Dear Client,
The transfer of title of the property to own children through a registered Deed of Gift out of love and affection is the easiest and less expensive mode of transfer. However, considering the judgment of different High Courts passed under the Maintenance and Welfare of Parents and Sr.Citizens Act, 2007, it is suggested that even the gift of property to children is made out of love and affection, a condition may be stipulated in the contents of the Deed of Gift that the donee shall take care of donor maintenance in case donor is unable to maintain himself from his resources. Because if a situation so arises later on, the protection of interest of the Sr. Citizens can be restored by the concerned authority/Tribunal applying the provision of the Sr. Citizens Act, 2007, You may consult with an Advocate in this regard for guidance and steps.
The transfer of title of the property to own children through a registered Deed of Gift out of love and affection is the easiest and less expensive mode of transfer. However, considering the judgment of different High Courts passed under the Maintenance and Welfare of Parents and Sr.Citizens Act, 2007, it is suggested that even the gift of property to children is made out of love and affection, a condition may be stipulated in the contents of the Deed of Gift that the donee shall take care of donor maintenance in case donor is unable to maintain himself from his resources. Because if a situation so arises later on, the protection of interest of the Sr. Citizens can be restored by the concerned authority/Tribunal applying the provision of the Sr. Citizens Act, 2007, You may consult with an Advocate in this regard for guidance and steps.
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A.Dear client,
As an elderly individual looking to gift your flat in Bengaluru to your only son, you can follow the below procedure:
Draft a Gift Deed: Consult a lawyer to draft a Gift Deed, which is a legal document that transfers ownership of the flat from you to your son as a gift. The Gift Deed should clearly state the details of the property, the intent to gift it, and both yours and your son's details.
Stamp Duty and Registration: Pay the necessary stamp duty on the Gift Deed as per the prevailing rates in Bengaluru. Then, get the Gift Deed registered at the local Sub-Registrar office. The registration process involves presenting the document along with the required identification and address proofs.
No Objection Certificate (NOC): If the flat is part of a housing society or apartment complex, obtain a No Objection Certificate from the society or association. This certificate confirms that there are no pending dues or legal issues related to the property.
Witness: The Gift Deed should be signed in the presence of two witnesses who are not beneficiaries of the gift.
Gift Tax: In India, there is no tax on gifts given by individuals to their close relatives, including parents and children. However, it's always advisable to consult with a tax advisor to ensure compliance with the relevant tax regulations.
Handover of Possession: After completing the registration process, you can hand over the possession of the flat to your son.
It's essential to consult with a lawyer who specializes in property matters to ensure that the Gift Deed is prepared correctly and all legal requirements are met. The lawyer will guide you through the entire process and ensure a smooth transfer of ownership.
As an elderly individual looking to gift your flat in Bengaluru to your only son, you can follow the below procedure:
Draft a Gift Deed: Consult a lawyer to draft a Gift Deed, which is a legal document that transfers ownership of the flat from you to your son as a gift. The Gift Deed should clearly state the details of the property, the intent to gift it, and both yours and your son's details.
Stamp Duty and Registration: Pay the necessary stamp duty on the Gift Deed as per the prevailing rates in Bengaluru. Then, get the Gift Deed registered at the local Sub-Registrar office. The registration process involves presenting the document along with the required identification and address proofs.
No Objection Certificate (NOC): If the flat is part of a housing society or apartment complex, obtain a No Objection Certificate from the society or association. This certificate confirms that there are no pending dues or legal issues related to the property.
Witness: The Gift Deed should be signed in the presence of two witnesses who are not beneficiaries of the gift.
Gift Tax: In India, there is no tax on gifts given by individuals to their close relatives, including parents and children. However, it's always advisable to consult with a tax advisor to ensure compliance with the relevant tax regulations.
Handover of Possession: After completing the registration process, you can hand over the possession of the flat to your son.
It's essential to consult with a lawyer who specializes in property matters to ensure that the Gift Deed is prepared correctly and all legal requirements are met. The lawyer will guide you through the entire process and ensure a smooth transfer of ownership.
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