What are the charges to be paid while gifting property?
• In cases where the lease contract is from year-to-year / exceeding one year’s rent / reserving yearly rent, then a registered instrument can be created, which both the lessor and the lessee must execute. • In cases other than the above, an oral agreement followed by delivery of possession is considered enough. • How is a lease agreement created? A When a gift of property is made, a gift deed needs to be made by a lawyer. Stamp duty on the market value of the property also needs to be paid, as well as the necessary registration charges.
