Stamp duty waived off on transfer of property to blood relatives
narendragupta
(Querist) 03 April 2015
This query is : Resolved
Dear Learned Experts,
Background of the query:
On March 25, 2015, revenue minister have waived off stamp duty on transfer of immovable property to blood relatives which was earlier 5% or 2% depending on whether it is ancestral property or not. The query is as follows:
1) From when will this amendment come into existence?
2) Is it enough to do so just by making a gift deed & registering it on a Rs.500 non judicial stamp paper?
3) Is it applicable for Commercial Property also? Or only to land & residential property?
4) Is the registration as per Registration Act still required? (I think it is)
The link of the news flow is as follows (from where I came to know this): http://indianexpress.com/article/cities/mumbai/now-no-stamp-duty-in-state-on-gifting-property-to-heir/
Devajyoti Barman
(Expert) 03 April 2015
Which state are you talking about? In WB nothing of that sorts has happened.
You better consult a local lawyer.
narendragupta
(Querist) 03 April 2015
Maharashtra.
Sir kindly check the link also for further details.
Devajyoti Barman
(Expert) 03 April 2015
Then someone from Maharashtra or MR Sethi can help you.
narendragupta
(Querist) 03 April 2015
Others pls help...
Its urgent.
Thanks in Advance
Dr J C Vashista
(Expert) 04 April 2015
@Narendra Gupta,
1. Ask the editor/publisher of the article for source of such information. Gift deed has to be compulsory registration on payment of registration duty (Central Act) with stamp duty (state subject).
2. Whatsoever, a minister has "NO AUTHORITY" to waive off or charge any levy/duty/tax without a proper legislation.
3. Who are you and how you are concerned about such queries? It is your second similar query today itself. Restrain.
narendragupta
(Querist) 05 April 2015
I am a newly qualified CA. Its my own property which I want to transfer to my brother. And if this news is true. Then I will save a lot on stamp duty as currently it is 5% for non ancestral property as per my understanding. I even called up the registrar. They said that even they have heared the same news but they are unaware as to when this will come into implementation.
T. Kalaiselvan, Advocate
(Expert) 08 April 2015
Wait for the law to be enacted until then let us not grope in the dark forming our own opinions which may or may not be correct once the law comes into force.
Kishor Mehta
(Expert) 01 June 2015
Sir,
This is to inform you that:
Maharashtra Government has issued the notification regarding the amendment in Maharshtra Stamp Act Amendment Bill 20/2015 on 24th April 2015, as per notification the stamp duty, on transfer of immovable property by the owner to an heir or family member, will be waived w.e.f. 24th April 2015.
Good Luck,
Kishor Mehta
T. Kalaiselvan, Advocate
(Expert) 05 June 2015
Thanks for the information sir, the people are very curious about its enactment, now they can sigh a relief.
Hemant Agarwal
(Expert) 11 September 2015
1. The following changes in Article 34 of the "Maharashtra Stamp (Amendment) Act, 2015" has been made efffective 24th April, 2015.
==== quote
(18) in Article 34, in column 2, after the existing proviso, the following proviso shall be added, namely:-
“Provided further that, if the residential and agricultural property is gifted to husband, wife, son, daughter, grandson, grand-daughter, wife of decesed son, the amount of duty chargeable shall be rupees two hundred.”;
==== unquote
2. ABOVE applicable ONLY to Maharashtra.
3. Registration Charges remain the same (maximum 30,000/- per instrument).
4. Commercial property is not exempted and full Stamp Duty (5%) is applicable.
5. Unregistered "Gift Deed" is legally NOT enforceable and such Gift Deed is "null & void" for all legal purposes.
Keep Smiling .... Hemant Agarwal
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