Stamp duty levy

SAMIR SHAH (Querist) 08 April 2013 This query is : Resolved
THERE ARE 2 FLATS ONE IN THE NAME OF SON AND ONE IN THE NAME OF FATHER. A FLAT is TRANSFERRED BY SON TO HIS FATHER AND FATHER TO HIS SON ON FAMILY ARRANGEMENT. WILL IT ATTRACT STAMP DUTY. IF YES HOW MUCH. IF IT IS GIFTED TO EACH OTHER THEN WHAT WILL BE THE EFECT. PLS GUIDE. PLS DO GUIDE ME ALSO FOR CAPITAL GAIN TAX & GIFT TAX

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Raj Kumar Makkad (Expert) 08 April 2013
If the cost of both of the properties is same, it shall not attract any stamp duty but if there is any difference then the stamp duty shall be leviable on the amount of difference.

A civil suit for transfer (tbadla) is required to be filed mentioning therein the equal market value of both the properties as assessed by registered value assessor and accordingly a decree should be obtained thereto on the basis of family settlement.

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Stamp duty levy

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