Legal Question in Real Estate Law in India
Transfer of immovable property in my son's name
I bought a plot of land in Noida in 1993 and constructed a house on the same. I registered this in 2002. I have two sons, both major, younger one is invalid and handicapped. I have now entered a GPA favouring my elder son and also registered a Will in his name so that they are no hassles at a later date.
I want this house to be transferred in his name without having to pay the Stamp duty again on the same. Can I gift this house to him - if so, I need to know the complete procedure - like amount of stamp paper on which the gift deed to be made, whether this needs to be registered, whether witnesses required, whether I can show in my IT returns and whether my son can show in his IT returns about this GIFT transaction; whether after this transaction I can show or give some affidavit if required that I do not possess this house.
I enquired from the Registrar's office in NOIDA but i was told that they do not register the gift deed because NOIDA has given this plot on lease to the allottees, which is for 99 years.
Thanking you in anticipation.
2 Answers from Attorneys
Re: Transfer of immovable property in my son's name
You may need prior permission of the authorities (Lessor in this case) before any gift deed is executed. However, the Registrar's office is the proper place for guidance.
Re: Transfer of immovable property in my son's name
Gift of immovable property above Rs.100/- required registration and it will attract stamp duty and registration charges prescribed by concerned state in which property situate.
If there is any restriction on transfer of plot, then you can not transfer even by gift as a gift is transfer. Check the nature of restriction on transfer imposed by authorities and procedure and expenses for transfer.
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