I do understand the stigma part. Since I am not privy to the will or its contents and what the recipient wants to do with it, I can only point him in the right direction and whistle, which is "GO THAT A WAY". Let him decide the issue for himself. Also it is a legal matter and he will have to meet with a lawyer to get it all streamlined, anyway.

Now for the stamp paper costs... there is a fee associated with it and it is worth getting to know a little more. So, here is the write up on it and start reading the same before you make any more comments on it. You will come to know a lot more about it after this.

" Gift deed..:

This document allows you to gift your assets or transfer ownership without any exchange of money. To gift immovable property, you just have to draft the document on a stamp paper, have it attested by two witnesses and register it. Registering a gift deed with the sub-registrar of assurances is mandatory as per Section 17 of the Registration Act, 1908, failing which the transfer will be invalid. Besides, such a transfer is irrevocable. Once the property is gifted, it belongs to the beneficiary and you cannot reverse the transfer or even ask for monetary compensation.

However, if you want to gift movable property like jewellery, registration is not compulsory. At the same time, a mere entry in an account book is not sufficient to establish a transfer. Apart from physically handing over the property, you need to back it with a gift deed. The process is slightly different if you are gifting company shares. You will have to fill out the share transfer form and submit it to the company or registrar, and the transfer agent of the firm. Once again, get a gift deed drawn and executed to complete the transfer, but the document need not be registered.

Advantages: The biggest benefit is that there is no tax implication if you are gifting property to certain relatives (see box). However, you still have to pay stamp duty, which can vary from 1-8% for immovable property, depending on the state in which the transfer takes place. If you are gifting property to a non-relative, the stamp duty would be higher at 5-11%. You have to pay this duty even in the case of movable property. Expect to shell out 2-8% in case of relatives, and 3-8% for non-relatives. For physical shares, the stamp duty is 0.25%, but if these are in the demat form, you don't have to pay. "

FH.

http://articles.economictimes.indiatimes.com/2013-08-12/news/41332727_1_gift-immovable-property-transfer-agent-gift-deed
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Originally posted by dan

Where would the parents live for the rest of their lifetime if they sell? Renting is still a stigma for their generation.

Stamp duty rates are 0 now i hear

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