Gift deed stamp charges
Querist :
Anonymous
(Querist) 07 September 2020
This query is : Resolved
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 not the whole house. 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?
SHIRISH PAWAR, 7738990900
(Expert) 07 September 2020
Hello,
You have to get legal heirship certificate from court for transferring the property to your and your uncle's name. You can distribute your father's property as per your wish once it is transferring in your and your mother's name. You have to pay stamp duty as per state's policy.
R.Ramachandran
(Expert) 07 September 2020
Since the value of the property is Rs. 30 lakhs, your uncles may have to pay Income Tax on the Stamp Duty value of the property that is being gifted away. Please note this point also.
kavksatyanarayana
(Expert) 07 September 2020
Whether the house with the site (land) is the self-acquired property of your father or ancestral? If self-acquired, did your father purchase it with his own money or joint money?
Querist :
Anonymous
(Querist) 08 September 2020
1st the Site was purchase the the house was built. The deed of land is in my father's name.
P. Venu
(Expert) 08 September 2020
The query is inchoate. The property vests jointly with all the legal heirs of the late father, you are not the sole or absolute owner.
Rajendra K Goyal
(Expert) 08 September 2020
Brother or uncle are not covered in the definition of family members for concessional stamp charges. Full stamp fee has to be paid.
Rajendra K Goyal
(Expert) 08 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)
Rajendra K Goyal
(Expert) 08 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)
Hemant Agarwal
(Expert) 08 September 2020
1. Since the Title Ownership Deed is in name of deceased Father, the property CANNOT be Gifted by ANYONE to ANYBODY, whosoever, more so specifically since only a living person can execute Gift Deed, for his own Title Ownership property, while he is still alive.
2. IF House is Constructed on Land is occupied by joint Family, THEN separate Gift Deed for Land is NOT possible.
3. LASTLY, aapka naam-karan nahi hua hai kya abhi tak .... jo aap "anonymous" query puch rahe ho ????
Keep Smiling .... Hemant Agarwal
VISIT: www.chshelpforum.com
Dr J C Vashista
(Expert) 09 September 2020
You will have to get your share decided before executing any gift deed, wherein brother and uncle are not the legal representative of deceased person.
Dr J C Vashista
(Expert) 09 September 2020
Stamp duty is a state subject for which consult sub-registrar/ a local lawyer or deed and document writer.
