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I am 66 and I have willed my house to my daughter though I have three more sons.  But she wants to sell the same now itself. What is the procedure to make a sale deed in favour of her or my son-in-law as GIFT for a nominal amount as compensation to me? In this way I may be able to gift the house as well as pay my other sons. Is it allowed to quote a nominal amount (it will be less than the real value of the house) for the gift of the house?  In this case what would be the registration charges to be borne by me for registering? Will there be capital gains tax towards the nominal sum which will be far less than my original investment?

- by Hanumanthappa, HSR Layout

You can sell the property at any rate decided by you.  However, the stamp duty and the registration charges will be computed on guidelines value. 

Further, capital gains tax will have to be paid at the guideline value irrespective of the amount for which you may sell the property. In my opinion, a settlement in favour of your daughter will be one of the options.

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These are all the legal questions answered by Advocate S.Selvakumar in various magazines, in various occasion including realestate reporter monthly.