To transfer flat from Father to son
2 months ago
My father has allotted tenement in MHADA Bolinj lottery in 2014, in 2018 MHADA konkan Board has given possession to us. I have paid all dues and made notarised gift dead at the time of purchase. nowafter 5 years I want to transfer the same to me. please tell me the procedure.
A.notarised gift dead is not valid in Mumbai or even in MHADA which type of lawyer told you to make such kind of gift deed, you just wasted your money by making a notarised gift dead in your favour. as per the rule even today your father is the original owner of the MHADA flat. If you want to transfer the same legally, then you need to have a good lawyer like us.
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A.Dear Client,
The Transfer of Property Act 1882 covers the Gift Deed. The Act specifies that the Gift must be given without any monetary consideration. In addition to this, the Donee must accept the Gift within the lifetime of the Donor. Under the Transfer of Property Act, the Gift Deed becomes effective only after its registration with the Registrar or Sub-registrar’s office. After the registration of the Gift Deed, the transfer of property is immediate. The Transfer of Property Act clearly mentions the validity of the Gift Deed. According to the Act, a Gift Deed is valid only if the property mentioned in the Gift Deed must exist when making the Gift.
1. The Donor of the concerned property must be the lawful owner with a clear title.
2. The Gift must be voluntary and without coercion.
3. The Gift must not involve monetary/otherwise consideration
4. The Donee must accept the Gifted property.
According to the Transfer of Property Act 1882, a gift Deed is valid only if registered. The registration of a Gift Deed includes the donor's signature and the donee and attestation by two witnesses (mandatory).
In fact, the Gift Deed will be enforceable only if it is registered with the registrar’s office. The registration of a gift deed
involves the enumeration of the essential clauses on a stamp paper and payment of the requisite stamp duty. The value of the stamp duty varies from state to state. It must be noted that if the gifted asset is movable, the jurisdiction of the
registrar's office will be according to the place of residence of the donor.
Gift deed registration is done at the Registrar/Sub-registrar’s office. However, to register a Gift Deed, important identity
documents and property documents are required, such as-
1. Original Gift Deed
2. ID Proof like Aadhar Card, Driving License among others
3. PAN Card of the donor and donee
4. Document such as a sale deed or Title Deed to prove the ownership of the donor
5. Passport size photograph
6. ID proof of the witnesses
7. Address proof of witnesses
Tax implications on the Gifts, and stamp duty on gift deed forms are an essential part of the Gift Deed registration. After
April 2017, Gifts are taxed under Section 56 of the Income Tax Act, 1961. According to the said Act, if a person receives a sum of more than Rs 50,000 as a gift, then the entire gift amount will be taxed under the head of ‘Income from Other Sources'. Section 56 of the Income Tax Act specifies that when a person receives an immovable property as a Gift and the stamp duty charges exceed Rs 50,000, then the stamp duty value of the gift is taxable and will be paid by the Donee.
The Transfer of Property Act 1882 covers the Gift Deed. The Act specifies that the Gift must be given without any monetary consideration. In addition to this, the Donee must accept the Gift within the lifetime of the Donor. Under the Transfer of Property Act, the Gift Deed becomes effective only after its registration with the Registrar or Sub-registrar’s office. After the registration of the Gift Deed, the transfer of property is immediate. The Transfer of Property Act clearly mentions the validity of the Gift Deed. According to the Act, a Gift Deed is valid only if the property mentioned in the Gift Deed must exist when making the Gift.
1. The Donor of the concerned property must be the lawful owner with a clear title.
2. The Gift must be voluntary and without coercion.
3. The Gift must not involve monetary/otherwise consideration
4. The Donee must accept the Gifted property.
According to the Transfer of Property Act 1882, a gift Deed is valid only if registered. The registration of a Gift Deed includes the donor's signature and the donee and attestation by two witnesses (mandatory).
In fact, the Gift Deed will be enforceable only if it is registered with the registrar’s office. The registration of a gift deed
involves the enumeration of the essential clauses on a stamp paper and payment of the requisite stamp duty. The value of the stamp duty varies from state to state. It must be noted that if the gifted asset is movable, the jurisdiction of the
registrar's office will be according to the place of residence of the donor.
Gift deed registration is done at the Registrar/Sub-registrar’s office. However, to register a Gift Deed, important identity
documents and property documents are required, such as-
1. Original Gift Deed
2. ID Proof like Aadhar Card, Driving License among others
3. PAN Card of the donor and donee
4. Document such as a sale deed or Title Deed to prove the ownership of the donor
5. Passport size photograph
6. ID proof of the witnesses
7. Address proof of witnesses
Tax implications on the Gifts, and stamp duty on gift deed forms are an essential part of the Gift Deed registration. After
April 2017, Gifts are taxed under Section 56 of the Income Tax Act, 1961. According to the said Act, if a person receives a sum of more than Rs 50,000 as a gift, then the entire gift amount will be taxed under the head of ‘Income from Other Sources'. Section 56 of the Income Tax Act specifies that when a person receives an immovable property as a Gift and the stamp duty charges exceed Rs 50,000, then the stamp duty value of the gift is taxable and will be paid by the Donee.
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