Your mother can execute gift deed in your favour
it should be duly stamped and registered
gift deed is better
Hello, I am a US Permanent Resident. My mother who owns a property in India wants to transfer the title of the property to me while she is alive so I wouldnt have to handle the registration and title change and all that once she passes. 1. Is this a good way to do handle this? 2. Would it better for me to inherit it? M
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Your mother can execute gift deed in your favour
it should be duly stamped and registered
gift deed is better
Dear Sir/Madam,
1. Definitely this is a better way to transfer property than through a will or a gift deed because they would take a lot of formalities to be registered.
2. In order to validate an inheritance, you will have to obtain a probate and pay court fees for the same, which is tedious
Thank you
God Bless
If you are the sole issue then you inherit automatically after her demise.
Regards
G.RAJAGANAPATHY
High Court of Madras
take the transfer during your lifetime
have a gift deed executed and registered
after demise, there will be legal procedures like obtaining letters of administration or heirship certificate and other complications
so better do whatever in her lifetime itself provided she is voluntarily willing to transfer her property to you
1. Your mother can transfer the residential or any other immovable property other than an agricultural property to your name by executing a registered gift settlement deed during her lifetime.
2. Inheritance would happen only after her lifetime and not before that.
So you can think about it accordingly.
1. Yes , your mother can transfer any property except an agriculture land to you by way of registered gift deed
2. If she is not ready for the gift deed , then she can write a WILL in your name in the presence of two witnesses.
- For gift deed transfer of property is mandatory with the registration , whereas in case of WILL , the property will be delivered after the demise of mother.
Thanks for your responses. From what I have read so far, sounds like best way is for my mother to gift the house to me rather than me inherit through a will after her demise. Can you confirm the best steps to move forward with this approach - I give her the general power of attorney to go through the motions in India wrt the gift deed and transferring title. Any tax implications on gift vs inheritance in India?
Specific POA has to be executed
it should be attested before Indian consulate
Once gift deed is executed mother would be absolute owner of property
You are not liable fir payment of any taxes
- You can give POA dully notarized as per rule of US , and further attested the same from the consulate of India
- For gift deed in blood related , some states have exempted from the stamp duty , and no tax involved .
1. If your mother wants to transfer the title of her property in your name, she shall have to execute and register a Deed of Conveyance in connection with the said property in your favour For registering a gift deed, you also shall have to sign the gift deed as the token of your acceptance of the gift as prescribed in law.
2. If you are the sole legal heir of your mother then you can inherit the same for which you shall have to obtain the legal heir certificate from the ward Councilor of your Municipal Corporation.
3. It is advisable to get the gift deed registered though it will attract stamp duty and registration fee.
1. As explained above, she shall have to execute and register a gift deed in your favour conveying her said property
2. In the said gift deed, you shall have to append your signature as a token of acceptance.
3. You can get the gift deed printed on the stamp paper sent to your place and append your signature on it duly accepting the said gift before the appropriate officer of your local Indian Consulate and return the same to your mother for registering the same.
4. Ask your mother to engage a local lawyer for completing the entire job.
Dear sir,
The gift of any asset (whether movable or immovable) made to certain specified relatives, is fully exempt from tax in the hand of the recipient, without any upper limit.
Thank you