Transfer of the property to your family member or to anybody which is your nearest & dearest is not an easy task as people thinks. In India for a legal task like property transfer you have to go through a long paperwork. In fact, it is always safe that you take legal help from experienced advocate help when it comes to transfer of the property.
There are many conditions wherein one can transfer property to another person or persons they want. Once you have strong-willed to transfer the property to another person, you need to know the necessary and main official procedure required in the course of a property transfer. So, we are describing few points to remember while you transferring your property.
Know the value of the property or market value: It is very necessary that you get the exact estimation of your residential property in any residential projects in South of Gurgaon before the transfer. Knowing this will provide an exact idea about the rise and falls of the capital gains tax event (CGT event).
Hire a lawyer: Maybe you can fill out the forms by yourself, but there are lots of confusions & terms which will take your lots of time. So it is better for you that hire a lawyer if you are selling or gifting your property.
Quit claim deed: This act is mostly used for the purpose of clarifying the title problems or to transfer the possessions between couples after divorce or any unofficial decisions. It is very necessary to mention the exact and full names of the both parties.
Get a warranty deed: If you are transferring the property to another person, in that case, it is very necessary to get a warranty deed also known as the “Grant Deed”. This transfers rights of the property and promises transfer of property of the owner to the transferee.
Legal explanation of the transferable property: Mentioning a precise legal description of your property at the time of transferring is very essential. Features like the address of the property, landmark, specifications, and measurements are the details which are necessary to be reveal.
Exclusions: The theory of exclusions is to visibly declare that while transferring among people, both the getting and the giving parties re-exempted from paying tax. But this is applicable only for parent, kids, in-laws, and step children and so on.
Gift deed/Will deed: Transfer of the property can be performed as a gift or declare in a will. If anybody transferring the property with the purpose to escape the liabilities, he/she will not be exempted from paying the charge.
The transfer of property as a gift act will need a stamp duty, whose charge and purpose rate will be set by the authority and it also has to be registered. In the case of declaring in the will, the stamp duty is implied and effect only after the death of transferor.
Purchase Amount: If you are selling your property then you have to enter the buying amount. And if you’re donating the property, then it is essential to enter the supposed monetary amount in the form.
Notarizing the documents: At the time of transferring your property, it is very necessary that notarized the documents from the suitable notary publics.
Important points to remember:
• Other than a fail in the relationship, the stamp duty is payable for other reasons while transferring.
• The valuation of the property has to be given to the Office of fair trading so as to estimate the stamp duty.
• If the possession has a credit amount, you will have to discuss this matter with the person who is getting the property.
• There are a certain amount of costs which will be concerned while transferring property.
