Go to your Tehshil, get Transfer Deed drafted by an Advocate. In that case, she can do so by way of a gift or relinquishment deed. Gift deed allows a person to gift their assets or transfer ownership without any exchange of money.

What is an intra family transfer?

An intrafamily transfer & dissolution is a deed that transfers ownership from one family member to another. This means that when one owner dies, the surviving owner assumes the deceased owner’s interest in the property.

How to transfer property ownership from grandmother to grandson?

if the property is in your grandmother’s name she can transfer that property simply through a gift deed. the issue which would arise is whether the property is exclusively in the name of your grandmother or not. if yes, then she is the whole sole owner of the property and she can transfer the same. 1.

Do you have to pay taxes when you pass your estate to a child?

As long as the total amount of your estate is under $5.49 million (in 2017), your estate will not pay estate taxes. In addition, when your children inherit property, it reduces the amount of capital gains taxes they will have to pay if they sell the property.

Do you have to pay tax on gift of home to children?

If your residence is worth less than $11.7 million and you give it to your children, you probably won’t have to pay any gift taxes, but you will still have to file a gift tax form. The downside of gifting property is that it can have capital gains tax consequences for your children.

Can a gift deed be used to transfer a property?

Registering a gift deed with the sub-registrar of assurances is mandatory as per Section 17 of the Registration Act, 1908, failing which the transfer will be invalid. Relinquishment deed is used to transfer rights in a particular property to another co-owner. Such a transfer is also irrevocable even if it is without any exchange of money.