How to make a gift deed and how much stamp fees including all is required?
Question asked by Mr. Shib Nath Das from West Bengal, India:
I, Shib Nath Das, only one son, living in West Bengal an employee of SBI presently working in lalbagh br. My mother owns a house in her name where we live currently. The house where we live in only has a ground floor. We want to construct another floor (first floor) and for this we need a bank loan. For this my mother wants to gift her property on my name. My father had passed away on 2002. The following questions are as follows:
(i) How can it be done in details and how much stamp fees including all is required?
(ii) Can I then take a bank loan on behalf the property gifted to me?
(iii) As being a Govt. employee. Will it be tax exempt in I tax rule?
(iv) Is there any other option to include my name in my mother tile deed as a co-owner as well as co-borrower? So I shall avail the bank loan with staff interest rate.
(v) If my mother give gift deed on my name, if anything happened to me. For those cases shall I make a will to share the above said property to my wife and my mother too?
It is therefore, please advice me regarding the above said matter as early as possible. so I can take the appropriate decision on base of your guidelines. For this kind act, I shall ever remain mot grateful to you.
Thanks
Shib Nath Das
Vatsala Answers:
You can get the property (entire property or undivided half of it) gifted in your name and avail the bank loan. This will have nominal stamp duty. You can either leave a will bequeathing the property to your wife and mother or else your wife, children and mother will inherit by the law of succession, even if you die intestate. There are no special exemptions for government employees regarding tax in this matter.
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