Ancestral property
Bhargav Korde
(Querist) 19 September 2011
This query is : Resolved
we have an ancestral property in my grand parents, but both grandparents died. now the property has to be transferred in my dad's and 3 of his brothers all alive. i wanted to know what are the transfer/registratoin fees and stamp duty applicable? i am based in Goa.
prabhakar singh
(Expert) 19 September 2011
IF GRAND PARENTS HAVE DIED INTESTATE THEIR PROPERTY SHALL BE INHERITED BY THEIR LEGAL HEIRS SUCH AS WIDOWS,SONS AND DAUGHTERS AS PER LAW OF THEIR PERSONAL LAW.IF YOU ARE HINDU ,HINDU SUCCESSION ACT IS APPLICABLE.
YOU ARE ADVISED TO APPLY FOR MUTATION OF REVENUE/ MUNICIPAL RECORDS FOR DELETION OF GRAND PARENTS NAME AND SUBSTITUTION OF THEIR HEIRS FILING THEIR DEATH CERTIFICATE.
IT DOES NOT CONTEMPLATE ANY MAJOR STAMP DUTY ETC.,ONLY AN APPLICATION AND AN AFFIDAVIT WOULD BE REQUIRED AND IT WOULD BE MOVED BEFORE TEHSILDAR/SDM AS THE CASE MAY BE IN GOA FOR MUTATION OF AGRICULTURAL LAND
AND BEFORE CORPORATION OR VILLAGE SECRETARY
FOR HOUSE PROPERTY.
Bhargav Korde
(Querist) 19 September 2011
we want to execute partition deed in all 4 sons of my grandparents including my father all alive.i want to know since it is an agricultural land, what is the rate of stamp duty and registration fee applicable for partition deed? all 4 brothers who are the heirs have their name on land index. mutation is done.
prabhakar singh
(Expert) 20 September 2011
i can not ascertain the duty as it is a state subject and i hail from UP.
IN EACH DISTRICT COLLECTOR FIXES VALUATION OF LAND AND STAMP DUTY BECOMES PAYABLE THEREON.
However i advise you to file a partition suit in court and get it compromised if you all have no dispute which will cost you nominal.
For this it would be proper for you to engage a lawyer of a revenue court,suits are valued not on value but on the basis of rent fixed by state, a competent lawyer can save considerable stamp duty by chocking out a good plan to proceed.
R.Ramachandran
(Expert) 20 September 2011
As per section 2(15) of the Indian Stamp Act, 1899, any instrument whereby co-owners of any property divide or agree to divide such property in severally is an instrument of partition.
Article 45 of Schedule -I to the Indian Stamp Act, relates to stamp duty payable on Instrument of Partition.
According to the said Article, stamp duty is payable as applicable to a BOND for the amount of the value of the separated share or shares of the property.
Article 15 of the Schedue-I relates to Stamp duty on BOND.
The stamp duty prescribed is very nominal. For instance where the value exceeds Rs. 900 but does not exceed Rs. 1000 - the stamp duty prescribed is Five Rupees (there is every possibility that there may be a slight change in this rate since I am not right now having an updated table).
For value exceeding Rs. 1000/-, for every Rs. 500 or part thereof, a stamp duty of Rs. 2/- (again there may be slight change in this one has to check up).
Regarding Registration charge, you have to check up at the Registrar's office concerned. In any case the amount will not be too high.
