My father is 68 years old, and healthy. A house site measuring 60 feet x 40 feet in B.T.M. Layout is standing in his name which is his self acquired property. I am the only son for my parents. When I approached my Bank for grant of housing loan for construction over this site, they told me that since the property does not stand in my name either I have to get the property transferred in my name or I should hold this property jointly along with my father. Whether my father can Gift that property in my favour?
Your father can gift this site to you or deal with this site at his sweet will since this is his self acquired property. The stamp duty payable for the gift deed in Karnataka is Rs. 1000/-.