Relinquishing deed vs gifft deed
VISHAL
(Querist) 13 March 2014
This query is : Resolved
hi to all we have property in indapur in raigad district on my fathers & his sisters name so if we go for relinquish deed or gift deed then which will be cheaper i have came to know that relinquish deed will be cheaper in terms of stamp duty but tax will be there? and on gift deed there is no tax but stamp duty is large also tax on relinquish deed can be brought down is it so?
ajay sethi
(Expert) 13 March 2014
gift deed attracts 2%stamp duty in maharashtra depending upon market value of property . relinquishment deed attracts nominal stamp duty ,
better go in for relinquishment deed . have it stamped and registered
VISHAL
(Querist) 13 March 2014
ok but if my father sells the property after making relinquishment deed then he will have to pay tax on the selling amount right? also this tax will charged on the government decided market value of the property? is there any waysto reduced this tax to minimal amount?
ajay sethi
(Expert) 13 March 2014
for tax liability on sale proceeds take help of your CA
Rajendra K Goyal
(Expert) 14 March 2014
What type of tax?
There is no gift tax if property is gifted to relative. capital gains tax is applicable if any.
T. Kalaiselvan, Advocate
(Expert) 14 March 2014
I agree with the experts, please consult a local auditor for tax related issues.
