Best answer: Can I sell my property to my son in India?

Yes. A father can sell his self acquired property in India without the consent of his son or anybody else.

Can a father sell his property to his son in India?

There is no restriction to transfer the property by gift deed or sale deed to his son or daughter by the father.

How can I transfer my property to my son in India?

Your father can transfer the property either by making a registered family arrangement to both of you as per desire. By this she cannot raise any dispute at any stage. Alternately he can transfer the property by executing a registered gift deed to both of you again as per his desire.

Can father can sell property to son?

No, ancestral property be cannot be sold without consent of successors in case of major and in in case of minority you might have to take permission from the court. And if property disposed without consent can be reclaimed.

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Can I sell house to my son?

Parents can sell their home to their children, but they need to do so at a fair market value, Sullivan explains. … “If they opt to do a bargain sale, then that’s partially a gift and will generate tax implications.”

Can son sell father’s property after death?

This house cannot be sold legally without their NOC. This property belonged to your deceased father and upon his intestate death, the properties shall devolve equally on all his legal heirs. … They are entitled to an equal share in the property at par with other legal heirs.

Can father deny Sons property?

A father can disinherit his son from his self-acquired property only, and not from his ancestral property. Self-acquired property refers to property that is not inherited but is self-made out of one’s own funds and resources. … A property acquired through a gift deed or through a will is also self-acquired.

How do I transfer property from mother to son?

The procedure to transfer the property from mother to son is by way of Gift Deed. The Registration cost is not as high as in case of registration of Sale Deed. You need to bring Demand draft around Rs. 6000/- towards Stamp Fees and another Demand Draft around Rs.

Can parents transfer property one child?

1. Yes, it is legally possible to give the house to only one person, the parents can transfer the property by way of will to the youngest brother or by way of registered Deed of Gift.

Can a father gives all his property to one child in India?

A father cannot freely give the ancestral property to one son. In Hindu law, the ancestral property can be gifted only under certain situations like distress or for pious reasons. Otherwise, the ancestral property cannot be given away to one child to the exclusion of all others.

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Can my dad sell me his house?

You can absolutely buy your parents’ house form them. There are no laws that say it’s illegal to sell your house to a family member, or vice-versa.

Who is legal heir for father’s property?

According to Section 8 of the Hindu Succession Act 1956, read with the Schedule referred therein, daughters being Class I legal heirs, have the same rights as sons to the properties of their father, if the father dies intestate (without a will).

Can mother sell sons property?

According to Hindu law, if the father is alive, then the mother is not treated as a natural guardian. … If the property inherited from the father is not ancestral, then the mother has no right on the son’s property. She cannot sell it or transfer the property.

Can I gift a property to my son?

One may be to sell your property and gift the proceeds to your children, although you would need to bear in mind that this would still be subject to Inheritance Tax if you were to pass away within seven years of the gift. The main alternative to gifting property is to create a Life Interest Trust Will.

Can I sell my investment property to my son?

Step Up in Basis: While California does allow you to transfer your property to children via a quitclaim deed, doing so can adversely affect your child if they ever want to sell the property. … Your child will get the same basis in the house as you purchased, i.e. $300,000 (This is called Carry Over basis).

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Can I give my house to my son without paying taxes?

Every year, the IRS sets an annual gift tax exclusion. For 2019 and 2020, the annual gift tax exclusion sits at $15,000. This applies per individual. So you can give $15,000 in cash or property to your son, daughter and granddaughter each without worrying about a gift tax.