Understanding the pros and cons between the two –Gift deed and Will, will help you to take the decision in a better way. If you want that the benefits of ownership should be immediately availed by your son then, gift deed is the way to go. However, gift deed comes with other liabilities such as registration charges and stamp duty. The registration charges are based on the existing market value of the plot. Stamp duty varies according to the state. It is two percent in Maharashtra if the gift deed is made in favor of blood relations such as daughter, or son.
Will registration is optional
Gift deed has to be registered immediately to come into, effect. On the other hand, registration of Will is optional and never compulsory.
Is it necessary to register the will at the place where property is located and registered or it can be made anywhere else in India?
You can register the Will only at the place where you have executed it. In case on a later date you wish to make changes in the Will or completely change it, you will have to prepare a codicil or amending document.
Will my son be able to get the property transferred in his name based on the will? What is the detailed procedure?
The son, to whom you have bequeathed the property in the Will, will automatically become the titleholder of it immediately after your death. However, to make it legal, the Will your son will have to probate it in the court.
Gift deed settlement is very different. It is usually executed at the place where the donor wants to execute the gift deed of his properties amongst his entire family member. If you want your son to get immediate benefit of the plot and are ready to pay the heavy stamp duty and registration charges that come along with it then, Gift deed settlement is the best options you have.
But if want your son to get it after your death then, you can name him beneficiary of the plot in your Will and save on stamp duty and registration charges. Hence, the decision depends on whether you are ready to pay the charges that come along with gift deed or save upon it and let your son get the plot after you have passed away.