Q: Can I gift land to my son?
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Yes, you can gift land to your son. Transferring property to a family member is a common process and can usually be done through a gift deed. The gift deed must be drafted, signed, and registered to be legally valid.
When gifting land, it's important to be aware of any tax implications. Some regions have gift taxes or require the recipient to pay stamp duty or registration fees. Make sure to check the local laws and regulations to understand what taxes or fees might apply.
Additionally, it's good to ensure that the property's title is clear and free from any encumbrances before the transfer. Both you and your son should be aware of the legal and financial responsibilities involved. Consulting with a legal professional can help ensure a smooth and compliant transfer of ownership.
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