Splitting flat for son

Madhusudan Saha

I have purchased two adjoining flats in joint name under one agreement. Now I want to split the said flat in to two separate flats one in my name and other in my joint holder name who is my son. I stay in Mumbai.

My question is can society ask transfer premium on such division of flat by gift?

I C Naik

Transfer of rights in flats within family does not attract premium. But a transfer deed will have to registered which will attract stamp duty and registration as if it was a sale and purchase.