How can I transfer my property to my son in India?
The transfer of immovable property from father to son can be considered a gift. As per the Transfer of Property Act, the transfer of house property as a gift needs to be effected by a registered document (gift deed) signed by the person gifting the property.
Can a father sell his house to son?
A father cannot freely give the ancestral property to one son. In Hindu law, the ancestral property can be gifted only under certain situations like distress or for pious reasons. Otherwise, the ancestral property cannot be given away to one child to the exclusion of all others.
Can I sell property to my son?
A Provided all your children are over 18, yes, you can sell your flat to them. … The difference between the price your children pay and its true value also counts as a gift for the purposes of inheritance tax. However, if you’re still alive seven years after making the gift, it loses its liability to inheritance tax.
How do I transfer property from parents to son?
Procedure to transfer property from mother to son
- 151 votes. …
- Your mother can execute a gift deed in your favour. …
- Your mother can transfer the property by way of Gift deed, Release deed is there is no consideration involved and any consideration is involved then sale deed and power of attorney.
Can mother gift property to one son?
according to that section she can gift the property to any body to her wish and will. any share in the property. to avoid legal issues if that gift is not registered you ask your mother to register that gift property in your name. from your query it appears that mutation is also over.
How much does it cost to transfer property deeds in India?
Yes, all the charges put together can come up to 7% to 10% of the total market value of the property or more than that. In most states in India, 5% to 7% of the total market value of the property is charged as stamp duty while 1% is charged as registration fee.
Can father sell property without consent of minor son?
No, ancestral property be cannot be sold without consent of successors in case of major and in in case of minority you might have to take permission from the court. And if property disposed without consent can be reclaimed.
Can a father gives all his property to one child?
Father has every right to give his property as he likes. In your case father can give his to one son by ignoring other son or daughter. The transfer may be through sale Deed, gift Deed or will.
Can I gift my house to my son?
The most common way to transfer property to your children is through gifting it. This is usually done to ensure they will not have to pay inheritance tax when you die. … After you have gifted the property, you will not be able to live there rent-free. If you do, your property will not be exempt from Inheritance Tax.
What is the 7 year rule in inheritance tax?
The 7 year rule
No tax is due on any gifts you give if you live for 7 years after giving them – unless the gift is part of a trust. This is known as the 7 year rule. If you die within 7 years of giving a gift and there’s Inheritance Tax to pay, the amount of tax due depends on when you gave it.
How do I go about selling my house to my son?
How to Sell the House to Your Own Kid With Limited Tax Liability
- Let your child inherit the house.
- Gift the house outright.
- Finance your child’s purchase of the house.
- Sell the house to your child at a discount.
- Sell the house to your child but continue to live there.
- Let your child assume the mortgage.