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Sabarinathan   05 June 2016

Stamp duty payable for gift of property among sons

Hi,

 

My father wants to gift his self earned property (land and building in chennai, tamilnadu) between we two brothers during his lifetime.

what is the correct procedure to be followed? and what is the cost of stamp duty and registration fee to be paid in chennai, tamilnadu?

 

thanks and regards



Learning

 6 Replies

Kumar Doab (FIN)     05 June 2016

Visit SRO.

Some states have waived it off.

 

Sabarinathan   05 June 2016

Originally posted by : Kumar Doab
Visit SRO.

Some states have waived it off.

 

please tell me What is the proper way gift deed , partition deed or settlement deed??

Kumar Doab (FIN)     05 June 2016

Registered family agreement, gift, sale, partition, WILL etc are the options.

Visit SRO, to inquire charges.

Better engage an able counsel specialzing in family/reveneu/property/civil  matters and draft the deed as per your need.

 

T. Kalaiselvan, Advocate (Advocate)     05 June 2016

stamp duty payable in TN for :

settlement :  in favor of                        Stamp duty                                     Regn charges

In favour of family members

1% On the market value of the property but not exceeding Rs.10000/-

1% on the market value of the property subject to a maximum of Rs.2000/

Gift :                                       7% on the market value of the property      1% of the property.

 

partition:

i) Partition among family memberss

1% on the market value of the property but not exceeding Rs.10000/- for each share

1% subject to a maximum of Rs.2000/- for each share.

ii) Partition among Non family members

4% on the market value of the property for separated shares

1% on the market value of the property for separated shares

 

 

The details given above shall enable you to decide further course of action to be initiated on the proposed transfer of property by your father.

adv.bharat @ PUNE (Lawyer)     05 June 2016

In maharashtra only Rs. 500 stamp paper is required.

Kumar Doab (FIN)     07 July 2016

@ Atulit,

Don't advertise in threads.

It is unethical.


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