Stamp duty in relinquishment deed
Rohit Telang
(Querist) 02 July 2012
This query is : Resolved
Sir,
Iam staying in Mumbai with my widowed mother,my wife and son in a Cooperative housing society.The flat in which we stay was purchased by my late father in 1973.My father died 3years ago without a will.I have one married sister.After my fathers death The societies share certificate was transferred in my mothers name as she was the nominee.Now instead of selling the flat for division of inherited property,my sister is willing to pay me 60% of the current market value and I will relinquish my claim on the share of the propety(Flat).The flat will be transferred in my sister name or jointly with my mother.Following are my questions.
1.How should we go about it to avoid paying stamp Duty and Taxes
2.If stamp duty has to be paid,who will pay it,me or my sister?How much it will be in percentage.
3.Shall I have to pay any tax on the money I receive from my sister and if yes how much
4.Can we do this by way of Gift from one party to other?
5.Can I purchase a new property to avoid paying any capital gains tax?
6.As I want to purchase a commercial shop with the money I receive,Do I have to pay a
tax before purchasing the shop?
I and my sister are nominees in the share certificate of the flat.
Please advise me urgently.
Rohit Telang
adv. rajeev ( rajoo )
(Expert) 02 July 2012
go for regd., rights relinquish deed. If you receive the money you will have to pay the capital gain tax. Consult the Tax Consultant.
Rajeev Kumar
(Expert) 02 July 2012
Consult an advocate he will do the needful.
