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FAQ:  switch property title? – Property Hotline

FAQ: switch property title? – Property Hotline



Skilled: Suresh Surana, Founding father of RSM Astute Consulting.

Query: Srikant’s mom desires to reward his him and his brother a chunk of land that’s in her identify. They need to convert this land to our names. How ought to we go about transferring the title? How a lot will it price? Will it’s taxed? Additionally, ought to they file I-T returns for a similar?

Reply: Title of the land might be transferred by executing a present deed, which must be registered with the sub-registrar of properties. Please observe that Stamp Responsibility @ 2% (as an alternative of regular price of 5%) is required for registration of Present Deed in your case as it’s a switch from mom to son.

Beneath the revenue Tax Act, the reward (whether or not within the type of cash, movable or immovable property) obtained from shut relations together with mom is exempt from tax. The price for you and your brother might be deemed to be price incurred by your mom and additionally, you will be eligible to contemplate the interval of holding by mom for long run capital beneficial properties functions.

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