Transfer of property from mother to daughter

I am an officer with T N state government.I am the only daughter of my parents and I have one elder and one younger brother. My father has bought a flat in my younger brother's name. He has created a will for a house in favour of my elder brother and has also registered a plot of land in his name. My parents also own some more properties. My mother has a plot of land which she wants to give me.

Please inform me whether 1.she should gift me 2. she should create a will in my favour 3.she should sell it to me 4.she should transfer the property as a settlement deed.

Which transaction will be better and also inform the tax implications,

asked Jul 13 '14 at 21:59 by Jothi 6117

Either you should get it transferred using gift deed or get it written in registered will.

Gift deed would cost stamp duty and registration fees, which is an extra expense, you best would be will which won't cost anything extra. But from will, property transfer would only happen after parent death and they can also change will in future.

answered Jul 15 '14 at 11:21 by Pankaj Batra 5.2k320


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Asked: Jul 13 '14 at 21:59

Seen: 1,242 times

Last updated: Jul 15 '14 at 11:21