In some Indian states, stamp duty is not payable on a document through which a property has been transferred in favour of a blood relative. (Photo: iStock) – Source: Livemint

The Private Client team at Cyril Amarchand Mangaldas shares their comments and opinions shared in an article in the  following Q&A which was published by the Mint Newspaper on 3rd and the online edition of the same can be found at: https://www.livemint.com/money/personal-finance/gifts-deeds-are-not-reversible-so-the-giver-can-t-get-back-the-rights-11583220828729.html

My mother and I co-own a residential property in Mumbai. She has decided to transfer her share of the property to my name. Should we prepare a gift deed or a relinquishment or release deed to execute this transfer? The property has been mortgaged to a bank, but I have obtained a no-objection certificate (NOC) for the transfer. Will I also have to ask the housing society in which the property is located to transfer the share certificate to my name? Can I include a clause in the deed to ensure that if I am survived by my mother, the rights will be transferred back to her upon my death?

—Chirag


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