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N K Jain (Chartered Accountant)     11 January 2014

Family settlement deed

Jointly owned property consisting of 3 flats (one flat on each floor)   is divided among all siblings by means of a family settlement whereby each sibling will own one flat on a floor and will not have any right to flats on other floors.The arrangement has been documented in a family settlement deed on stamp paper of Rs 100 and signed by all.

This document is required to be registered in Delhi. Please advise what  are the charges to be paid either as stamp duty or registration charges. I feel that family settlement is not transfer of property and so there should not be any stamp duty and only charges should be for registering a document, which will be nominal. Am I right?



Learning

 2 Replies

kotaruraghu (advocate)     12 November 2014

as per the supreme court judgment registration of the family arrangment is optional and the registration is need not be compulsory and signing in the stamp paper of Rs.100/- by all the members is morethan enough, because as there is no conflict of interest in between the family members 

N K Jain (Chartered Accountant)     13 November 2014

Yes, but MCD officials are refusing to record mutation as per family settlement deed unless it is registered.That is why I wanted to know if any stamp duty is payable?


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