hi im han i just wanted to knw the defination of family member in stamp duty act of india ??? i want to gift my house to my wife's brother's son my nephew. i got some info from govt site. here it Andhra Pradesh the stamp duties are as below:
Gift with in family members 1%
Gift Settlement in f/o others 6%
Gift settlement deeds in favour of Government 0%
Regarding gift tax:
Gift tax if any has to be paid by the receiver only. Gift between blood relatives / close relatives are tax free. But if the gift is given to others, the value of the gift will be added to the income of the receiver and the receiver has to pay income tax as per slab rates.
so my nephew is not a blood relative but is a close relative so do i pay 1% or 6%
