Gift deed
Querist :
Anonymous
(Querist) 04 September 2020
This query is : Resolved
WHO ARE THE FAMILY MEMBERS IN GIFT DEED IN WEST BENGAL?
Rajendra K Goyal
(Expert) 04 September 2020
No clear material facts stated in the query.
Whether the gift refers to property or movable assets?
Whether the query is in relation to Income Tax or for Stamp Duty on property transfer?
Rajendra K Goyal
(Expert) 04 September 2020
The amended Article 33 of West Bengal Act IV of 1998 read as follows :--
"33. Gift-Instrument of, not being a settlement (No. 58) or will or Transfer (No. 62)-
(i) When made to a member of a family : One half of one per centum of the market value of the Property which is the subject matter of the gift.
(ii) When made to any other person : The same duty as a Conveyance (No. 23) on the market value of the property which is the subject matter of the gift.
Explanation--For the purpose of this Article, member of a family shall include parent, spouse, son, unmarried and widow daughter (residing with parent) grandson, grand-daughter.
Calcutta High Court in the case Subasish Deb vs State Of West Bengal & Ors. on 4 February, 1999 (Equivalent citations: (1999) 2 CALLT 386 HC)
kavksatyanarayana
(Expert) 04 September 2020
As per me, in the State of West Bengal, the Stamp duty for Gift in favour of family members is One half of one per centum of the market value of the property which is the subject-matter of the Gift. Family member means parent, spouse, son, daughter (married, unmarried, widowed or divorcee), sons' wife, grandson, grand-daughter, brother or sister (married, unmarried, widowed, or divorcee).
Dr J C Vashista
(Expert) 05 September 2020
Mr. / Ms Anonymous,
You have not posted all relevant facts and your locus standi / concern for consideration and answering your question paper.
Querist :
Anonymous
(Querist) 05 September 2020
I have a empty plot in west bengal. I want to gift my two brothers 1/3 portion each. The market value of the property is 30lakhs. What are the stamp duty charges of each 1/3 portion?
P. Venu
(Expert) 05 September 2020
Stamp duty depends upon the provisions of the law enacted by the State.
Rajendra K Goyal
(Expert) 05 September 2020
Brothers are not covered in the list of family members. However discuss in detail with local lawyer.
For family members stamp fee is chargeable @.5% (1/2%).
Querist :
Anonymous
(Querist) 05 September 2020
We live in west bengal. We have a house in 1440 sqr ft area. My father is passed away few months past. I live with my mother and two uncles. They are married. The deed of land was in my father's name. Now i want to gift deed 1/3 and 1/3 portion to my uncles and kept other 1/3 portion to my name. What is the stump duty charges for all in west bengal?? Help me out... The Land market value is 30lakhs now.
I want to gift only land to them. Is the other property like house property is necessary to include in deed? In case of that the market value is increase much and stump duty charges also increase. I want to gift only land portion(1/3 portion). Is this possible?
Rajendra K Goyal
(Expert) 06 September 2020
Uncles are not covered in family members, full stamp fee has to be paid.
