What are the formalities, documentation, cost and procedure to complete the registered transfer through a gift deed?

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Question asked by Mr. Saravanan from Bangalore, India:
There is a property in Bangalore which is on my mother’s name, and is mortgaged. I am paying the EMI to the bank. My mother wants to gift the property to me through a gift deed. What are the formalities, documentation, cost and procedure to complete the registered transfer through a gift deed?
Thanks
Saravanan

Veena Answers:
We are of the view that the registration act does not permit conditional gift deed and a transfer has to take place immediately for the gift deed to take effect. Secondly, execution of a gift deed is not possible when there is a charge on the property. Thirdly, the Bank has to issue a No Objection Certificate that they do not have any objection for registration of the gift deed by your mother in your favor.
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