Legal Question in Real Estate Law in India
transfer from one joint holder to another
if a residential apartment is jointly owned by mother and son and if the mother decides to transfer the apartment to her son then what is the procedure and are there any fees?
2 Answers from Attorneys
Re: transfer from one joint holder to another
You have not mentioned location of the property. The procedures in such matters are regulated by local authorities.
Depending upon the rules framed by local authority of your area, the mother may have to execute a gift deed in favour of her son.
For payment of fees and procedure, you should contact the concerned local authority.
Re: transfer from one joint holder to another
There can be a Gift or Sale.
Some States have concessional stamp duty for Gift amongst near relatives like mother and son. Therefore, you need to check with your lawyer about amount of expenses.
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