Stamp paper for gift deed of immovable property
K R Reddy
(Querist) 07 October 2014
This query is : Resolved
Sir/ Madam,
My father has an agriculture land (about 8 acres) in Medak Dist, Telangana. He wants to distribute the property to four family members (Himself, Wife, Son1 & Son2 – 2 acres each) through gift deed.
Now we have following queries: please clarify--
-Is it possible to distribute to all family members under one gift deed or we need to execute separate deeds?
-What is the stamp paper value (i.e., Rs.100/-, Rs. 500/- etc) for execution of gift deed.
ajay sethi
(Expert) 08 October 2014
better prepare separate gift deeds . the stamp value would depend upon valuation of land . engage a local lawyer
Anirudh
(Expert) 08 October 2014
Dear Mr.K.R.Reddy,
Please first check up whether "Settlement Deed" (Not GIFT Deed) is possible in the State of Telangana or not.
If settlement deed is possible, then your father can execute a Registered Settlement Deed dividing the property equally amongst all the four of you (by clearly indicating the 4 portion). Registration of Settlement Deed will be cheaper (compared to GIFT Deed) as the stamp duty will be very less, and will become effectively immediately on Registration of the Settlement Deed.
Your father can also make a REGISTERED WILL in favour of your mother, you and your brother. This will become effective only after his death. THERE IS NO STAMP DUTY AT ALL in this. During the life time of your father, the property will be in his name and all of you can enjoy the same as is being done now.
However, if you want to go in for GIFT DEED, then he has to give gift only of 6 acres - 2 acres each to your mother, you and your brother. As rightly told by Mr. Sethi, it will involve Stamp Duty based on the value of the land.
WHETHER YOU ARE GOING IN FOR SETTLEMENT DEED, WILL OR GIFT DEED, please approach a local lawyer and get the things done.
K.K.Ganguly
(Expert) 08 October 2014
1. If it is Gift, then it is advisable to execute and register seperate Gift Deeds in individual names. The stamp duty will be based on the value of the property gifted which you can ascertain from local registration office,
2. If you want to make one deed, the go for a settlement deed which will be economical in getting registered.
K R Reddy
(Querist) 08 October 2014
ThanQ All
1. In which situations the SETTLEMENT DEED can be executed?
2. Is it possible to execute under one SETTLEMENT DEED in favor of all family members?
3. The total registered value or govt vale (not FMV) for 8 acres is Rs.6,40,000 (for each 2 acres 1,60,000/-).What is the stamp paper value (i.e., Rs.100/-, Rs. 500/- etc) for execution of SETTLEMENT DEED?
4. What is the effective date of SETTLEMENT DEED?( as you said, THE WILL become effective only after death) is there any restriction like this for SETTLEMENT DEED?
We decided to execute SETTLEMENT DEED
please advise........
ThanQ
Anirudh
(Expert) 08 October 2014
As already advised, please
(1) check up whether in your State there is provision for 'Settlement Deed' and if so what is the stamp duty thereon. This you have to check up and obtain information yourself by getting in touch with Sub-Registrar's office.
(2) Effective date of settlement deed is immediate on execution of settlement deed and its registration.
(3) The fact situation revealed by you is perfectly OK for execution of Settlement Deed.
(4) Please do not forget, you have to get the a good property lawyer's help in getting the Settlement Deed Drafted properly.
K R Reddy
(Querist) 09 October 2014
ThanQ Mr. Anirudh
malipeddi jaggarao
(Expert) 10 October 2014
You talking about stamp paper. But either Settlement Deed or gift Deed registration is required. You have to inquire about the registration fees with the Sub-Registrar or Assurance of your area. As regards cost settlement deed will be cheaper for registration than the gift deed.
In State of Telangana Settlement Deed is possible. One settlement deed is enough for covering all family membes.
The effect of settlement deed comes immediately.
K R Reddy
(Querist) 10 October 2014
Than Q Mr. malipeddi jaggarao
T. Kalaiselvan, Advocate
(Expert) 13 October 2014
I agree to the views of experts on the subject and author's is welcomed for his appreciation.
ABDUL RAZIQUE
(Expert) 13 October 2014
I appreciate the views of our experts.
