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c. sudheer (student)     12 December 2013

Gift deed

I want to transfer my immovable property to my wife through gift deed.  Is this required to register this gift deed.  If so, how much i have to pay for a value of Rs.55,00,000/-



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 3 Replies

vishak (manager)     12 December 2013

Yes it is to be registered being immovable property and applicable charges to be paid

Adv Archana Deshmukh (Practicing Advocate)     12 December 2013

It would depend upon the stamp act of your state. Consult a local lawyer or the sub-registrar's office to get the exact amount.

Rutumbhara Nayak (lawyer)     11 January 2014

 

A gift of immovable property can only be made by a registered instrument. A gift of immovable property, which is not registered, is bad in law and cannot pass any title to the done. Documents should be stamped with appropriate non-judicial stamp, be registered as required and attested by two witnesses. Mere delivery of possession without written instrument cannot confer any title.
Registration
A gift of immovable property amounts to its transfer under the Transfer of Property Act. Hence, the gift deed needs to be compulsorily registered with the sub-registrar in the area where the property is situated.
Documents
A copy of the gift deed, title deeds of the property, encumbrance certificate, statement of particulars of the property, its market value and the extract of assessment register of the property must be submitted at the time of registration.
Stamp duty
The stamp duty is calculated as a percentage of the market value of the gifted property and differs from state to state. Such a gift to relatives attracts stamp duty at a lower rate.
Stamp duty on immovable property is 1-8% of the value of property.
If the gift is made to specified relatives, including spouse, parents and siblings, it is not taxable under the Income Tax Act. Rutumbhara www.lawkonect.com 09555 507 507


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