Stamp duty on gift deed from uncle to Nephew
Priyanka
(Querist) 16 November 2009
This query is : Resolved
Dear Experts,
Could you please let me know as to what would be the stamp duty impact in case of an Uncle gifting his property to his Nephew.
Please reply.
Regards
Priyanka
adv. rajeev ( rajoo )
(Expert) 16 November 2009
It is a gift to the relative so i think miminum stamp duty.
Priyanka
(Querist) 16 November 2009
Acc to Bombay Stamp act, relatives include only spouse, brother, sisiter and lineal ascendents and descendents.
A V Vishal
(Expert) 16 November 2009
Is he maternal or paternal uncle, both are uncles in english, funny language isn't it
Raj Kumar Makkad
(Expert) 16 November 2009
There is no exemption for the uncle in Haryana if he gifts his property in favour of his nephew. Stamp duty varies from state to state so it shall be better it the department of registration is consulted in such matter.
Vineet
(Expert) 16 November 2009
No reduced rate of stamp duty for gift from Uncle to Nephew in Mumbai. Stamp duty leviable similar to conveyance.
refer proviso to Article 32 of Schedule 1 of The Bombay Stamps Act, 1958.
AEJAZ AHMED
(Expert) 16 November 2009
Stamp Duty on Gift gift to spouse, brother, sister, lineal ascendants or descendants a fixed duty of RS. 1000 (Rupees One Thousand) plus additional duty as applicable is leviable.
Who is a lineal ascendant or descendant?
lineal ascendant may not merely include father, mother, grandfather and grandmother, but also great grandfather and great grandmother and so on. Similarly, the lineal descendant will include not only children and grand children but also great grand children and their children as well. No limitation as to the degree of relationship is prescribed so that a lineal ascendant or descendant of not only first and second degree but also third and fourth degree and so on will also qualify as a relative. A gift from them would not be liable to tax under Sec. 56(2) of Income Tax Act.
So in your case "Nephew" does not comes under lineal ascendant or descendant.
So you have to pay Stamp Duty as per Market Value and State Stamp Act.
