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Transfer of property from joint owner to single

Tax queries 1008 views 1 replies

Hi,

I have a property held jointly by myself and my brother. We now wish to transfer the property from joint name to single name. The said property was purchased in 1992. 

Please suggest how we can transfer the property with minimum/nil duty or tax applicable.

We do not want a sale deed between us. Perhaps maybe a gift deed or something. Any other way that can allow us to save on stamp duty and registration charges and any applicable tax 

Thanks in advance.

 

 

Replies (1)

It is not possible to transfer immovable property without a valid deed. One may prepare a gift deed or a release deed, but that will have to be stamped and registered. Stamp duty would probably be 2% of the value plus 30,000/- for the registration. Legal fees for drafting such deed is separate. 


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