The Private Client team at Cyril Amarchand Mangaldas shares their comments and opinions in an article in the following Q&A which was published by the Mint Newspaper on 9th June, 2021 and the online edition of the same can be found here.
My father passed away in 2016. He left behind a house where I stay with my wife, mother and younger brother, who is unmarried. My mother is willing to transfer the house to my brother and I as a gift. So, these are my questions. First, what is the process for getting the ownership changed to my brother and I? Second, what are the fees to be paid to the government, if any? Third, how much taxes are we supposed to pay? Fourth, is there a time limit to transfer the ownership? Fifth, how much will it cost in lawyer fees?
—Name withheld on request