Gift deed by son in the name of mother,stamp duty and registration fee in maharashtra state.
Vilas Patki
(Querist) 11 June 2015
This query is : Resolved
My son and myself have a residential flat in Pune in joint names, my son's name being first and myself at second place. We , my son and myself,jointly desire to gift this Flat to My wife, i.e. my son's mother.
My query is ,
1) Whether my Son can Gift this property to his mother and whether I can join the Gift Deed with him ?
2) What would be the stamp duty for this Gift deed and Registration Fee , w.r.t. newly amended and revised Stamp Duty provisions ( Gazette dated 24th April,2015 in the Maharashtra State).
adv. rajeev ( rajoo )
(Expert) 12 June 2015
IT is better to go for joint gift deed because property is in joint name, it also saves stamp duty. You both also can execute rights relinquish deed. I think in maharastra there is nominal stamp duty for both like in karnataka.
Dr J C Vashista
(Expert) 12 June 2015
A joint gift-deed be registered in favour of your wife.
Stamp duty is a state subject, seek clarifications from local lawyer/Sub-Registrar or document writer.
Suresh
(Expert) 12 June 2015
The concession in stamp duty when an ancestral property is involved is 2% instead of regular 5% for immovable property i.e. for instance when a father is executing a gift deed of a flat in favour of his son.
As per 2015 amendments it shall be merely 500 rupees for similar instance.
A son gifting his mother might attract regular stamp duty.
I would suggest you to submit your file for adjudication.
H.M.Patnaik
(Expert) 12 June 2015
Very well advised by Experts.
Kishor Mehta
(Expert) 12 June 2015
Sir,
Hereunder is the latest notification of the Maharashtra Government for your information:
"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."
As per the above notification, there will not be any stamp duty for the gift from a husband to a wife and from s son to his mother. However the relevant document registration charges are applicable.
Good Luck,
Kishor Mehta
Vilas Patki
(Querist) 13 June 2015
Thank you Adv. Rajeev Rajoo,Dr.J.C.Vashista,Mr.Rajendra Goyal,Mr.Suresh,Mr.H.M/Patnaik and Mr.Kishore Mehta for you valuable advice and kind co opeartion.
@ Kashor Mehta Sir : Will you please quote the clause in the Maharashtra Stamp Act Amendment Bill 20/2015 Dt.24-04-2015 which allows Rs.500/- stamp duty for the Gift to a person within family in blood relation or as from husband to wife etc.I will be obliged if you can provide this information.
Secondly,Mr.Suresh has conveyed that " A son gifting mother might attract regular stamp duty. Is it valid as per amendment in M.S.A.Bill 20/2015 Dt.24-06-2015?
Will you please guide on these points for my benefit and for benifit of all others in the same situation?
Thank you in anticipation,
Vilas Patki
