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If you want to add a co-owner to your property, you can do it either by creating a gift deed or a sale deed.
Gift deed:In this, a gift deed is required to be executed and duly registered at the office of the sub-registrar of the concerned locality. You will have to pay registration charges and stamp duty at the time of registration of the gift deed.
Sale deed: In this process, you are required to create a new sale deed, clearly specifying the property’s portion you are transferring in the co-owner’s name. As with all sale deeds, you are required to register this deed at the sub-registrar’s office of the concerned locality. You will have to pay registration charges and stamp duty at the time of registration of the sale deed.
Don’t forget to clarify how you and your co-owner wil share the title in the new deed.
Registration charges and stamp duty for gift deed/sale deed| Type of deed | Registration charge | Stamp duty |
Gift deed |
1 percent of the property value. |
2 percent of the property value. |
Sale deed |
1 percent of the property value. |
4 to 8 percent of property value, depending on the state. |
However, you can’t sell a property through GPA in India. I want you to know that even if a GPA is registered with the sub-registrar's office, the GPA holder is not authorized to sell the house on the behalf of the owner.
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I have a house in my name and want to add my father's name in the property. 1) What is the process? 2) is stamp duty applicable? 3) other option is can I give POA to my father in which I give all the rights to my father including sale of property.
Vikas Kulkarni
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3 Year
2022-01-24T10:48:34+00:00 2022-01-24T18:25:55+00:00Comment
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