What is the procedure to Gift my Home Property to my Dad?



Hi, I am in Chennai, India. I have a house registered in my name. Me and my parents are living in the same house. I want to gift that house legally to my father. Kindly suggest me the best way to gift him so that I cannot not claim that property anymore after I gift the house to him.

Kindly guide me as per the Indian law.

Regards,
Mouli

What is the procedure to Gift my Home Property to my Dad?
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4 Replies to “What is the procedure to Gift my Home Property to my Dad?”

  1. Gift is always unconditional and irrevocable, prepare a gift deed get it registered by paying requisite fee. Get the same mutated in the revenue records and that’s all.


  2. I’m not sure how the law is there, but sure it resembles it in the states. You can either deed it over to your father in a quitclaim deed in which you will “quit” ownership of the property.

    Or you can do it in a trust, however it does not come into play until you pass away.

    I would contact a real estate attorney, as you want to ensure that you have no tax liability once you do it. Good luck.


  3. Hi mouli

    Dont gift it by GIFT DEED. you will end up with gift tax which will be about 30% of the value of the property. if you are not paying your parents will be liable to pay.

    You better settle the property to your parents out of love and affection. Whatever be the value it is only Rs.12000/- maximum to spend in registration.

    You better include a clause in the settlement deed itself that it is irrevocable and absolute rights are transferred.

    consult a lawyer or a registrar for further details.


  4. You can gift your house to your father by making a Gift Deed. It will attract a stamp duty of 2%. Get it registered.
    There are no income tax implications. Gifts in kind received from relatives is totally exempt from gift tax u/s 56(2)(vi)





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