Gift deed
Namrata
(Querist) 19 November 2015
This query is : Resolved
In one flat 2 owners are there. out of those 2 owner second owner want to transfer his share to his brother. Then Gift Deed with rs. 500 stamp duty is correct? the property situated in mumbai.
Rajendra K Goyal
(Expert) 21 November 2015
Stamp duty differs from state to state, consult local registrar office.
Anupam Lahiri
(Expert) 22 November 2015
I agree with Rajendra Sir. In all possibility stamp duty of Rs. 500/- is grossly inadequate. Consult the Bombay Stamp Law.
Local Deed Writers in Sub Registrar's Office in Mumbai would be in a better position to calculate the exact amount of stamp duty.
Hemant Agarwal
(Expert) 25 November 2015
1. Effective April-2015, in Maharashtra, the Stamp Duty on Gift Deed is Rs. 200/- plus registration charges (subject to a maximum of 30,000/-) BUT this specific type of Gift is applicable only for transfer of Residential /Agricultural properties, THAT TOO "O N L Y" between "husband, wife, son, daughter, grandson, grand-daughter, wife of deceased son". This is applicable IRRESPECTIVE of the value of the Residential /Agricultural propert
2. GIFT Deed, to persons "OTHER THEN ABOVE", will attract Stamp Duty, at usual rates, as per the rate'able value of the property determined by the Revenue Dept.
3. Un-Registered Gift Deed, is a paper equivalent to toilet-tissue paper, having no legal status.
Keep Smiling .... Hemant Agarwal
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