Stamp Duty Payablr on Gift Deed in Punjab state
Ajay Syal
(Querist) 04 November 2009
This query is : Resolved
What is the rate of stamp duty payable in state of Punjab on execution of gift deed in respect of property being gifted by sister to brother?
Raj Kumar Makkad
(Expert) 04 November 2009
In the event of buying or gifting the tax is payable by the person in whose name the property is being transferred @ 12.5% in Punjab. In the case of an exchange, both parties are responsible for transfer. If you delay the payment, you will be liable to pay a penalty of 2% per month on the unpaid amount. This could lead to a maximum penalty of up to 200% on unpaid amount of stamp duty. Stamp duty as to be paid to establish legal ownership of a property as documents not properly stamped are not accepted in court as evidence.
