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My Brother and their wife has expire. Can their children transfer property to me under New provision of Gift deed of Rs. 6000.00 This transfer cover under blood relation.
Under section 122 of the transfer of property Act, 1882, you can transfer immovable belongings through a gift deed. The deed have to include your information in addition to the ones of the recipient.
But, section 123 of the Act says gifting a property is legitimate only if the files of transfer are registered with the nearby magistrate or the registrar. The registration is achieved within the presence of two witnesses.
As within the case of buying a property, you want to pay stamp duty to the registrar. state governments provide a concession on stamp responsibility charges if the assets is gifted to blood family, despite the fact that this varies from state to state.
while the property is gifted to a person outside the own family, the stamp duty is higher and is applicable according to the regulations of a normal transfer of assets.