Mr. Adv Desai, please go through the Indian Succession Act before you advice in open forum regarding WILL. In which provision it is written WILL must be registered? Let me know this.
Hello Mr. Sachinmole
First you must know what you wish to do with your property. Whether you want to be your son a owner of your property from right now or you just want him to be owner of your property after your demise. I am explaining in both effectiveness.
GIFT - It will take merely 0.5% stamp duty on the Gifted property and 1.1% Registration Fees on the Gifted property. Therefore together it will cost you 1.6% of stamp duty and registration fee on the gifted property. But this Deed must be registered before the appropriate authority. By executing this your son will be the owner of the gifted property for lifetime and it cannot be revocable.
WILL - It is a wish of a person who bequeath his property in favour of any person whom he desire to the owner of the proper after his death. In the WILL you have to appoint an Executor who will file a Probate case before the District Judge and subsequently it will Probate. At the time of grant of Probate your son has to pay the entire stamp duty whatever the court will determine at that relevant point of time. Hope you can imagine that stamp duty will be much higher than present.
Further your WILL can be challenged by your heirs, if any, except your son, after your demise. Complication may or may not be arise but you must know about the consequences. WILL can be Registered or Notarized but the WILL must be attested by atleast two witnesses, who will give evidence to get Probate.
Regarding Stamp duty and registration fees is very nominal and it will not count into any Income Tax of your son. Registering WILL is advisable to avoid legal complication in future Another special features in the WILL is that you can REVOKE the WILL during your life-time.
Further you can also execute a DEED of SETTLEMENT in respect of your property but it will be costlier for you in respect of stamp duty and registration fees.
Now, you must decide how you will dispose your property in favour of your son.
If you need any further clarification then you can contact.