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FAQ: How to transfer property title? – Property Hotline
Posted
May 19, 2016
Views
3,529
Likes
15
Engagement
0.43%
May 19, 2016
3,529
15
0.43%
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3:11Now PlayingExpert: Suresh Surana, Founder of RSM Astute Consulting.
Question: Srikant’s mother wants to gift his him and his brother a piece of land that is in her name. They want to convert this land to our names. How should we go about transferring the title? How much will it cost? Will it be taxed? Also, should they file I-T returns for the same?
Answer: Title of the land can be transferred by executing a gift deed, which needs to be registered with the sub-registrar of properties. Please note that Stamp Duty @ 2% (instead of normal rate of 5%) is required for registration of Gift Deed in your case as it is a transfer from mother to son.
Under the income Tax Act, the gift (whether in the form of money, movable or immovable property) received from close relatives including mother is exempt from tax. The cost for you and your brother will be deemed to be cost incurred by your mother and you will also be eligible to consider the period of holding by mother for long term capital gains purposes.
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