Stamp duty

For any transfer of immovable property, it has to be stamped and registered.

You have not done so as yet. The Maharashtra Government has been announcing amnesty schemes wherein the stamp duty to be paid is much lower and the penalties and interest are waived. You should have taken advantage of one of these schemes earlier. However, you may wait and still avail of this benefit.

Alternatively, you may visit the concerned registrar's office to find whether such a scheme benefit is available now.

For transferring the flat in your wife's name, you will have to execute a stamped registered gift deed (concessional stamp duty is payable - 2%)

S Jadhav

Thanks sir  for your kind clarifications.. Regards.. Nagarajan

since the date of  execution is prior to 04.07.1980 your liability is restricted to Consideration and certainly not on market value.  can submit it for adjudication even today . even with penalty @ 200 % the stake will not be much.