Homes and gardens

Transfer of property

My sister has an independent house in Mogappair West with a clear title She is a widow ( 62-years-old ) and would like to transfer the title of the house in favour of her only son. He is 34-years-old, married and has a daughter . The EB connections are in his name. How do we go about the procedure to transfer the property? Is this process expensive? Will there be any taxes?

P.N. Srinivasan

Chennai

Your sister can execute a deed of settlement in favour of her son. The stamp duty and registration charges would be approximately Rs. 29,500/- (not including miscellaneous expenses and legal fees). The consideration for executing the settlement should be ‘love and affection’ and not monetary. Please consult your lawyer for execution and registration of the settlement deed.

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Printable version | Aug 8, 2020 8:57:22 AM | https://www.thehindu.com/life-and-style/homes-and-gardens/Transfer-of-property/article14925455.ece

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