Transfer of Property by Co-Owner
NITIN
(Querist) 25 June 2009
This query is : Resolved
Dear Freinds,
Please advice on the transfer of property by co-owner in the Pvt. Ltd. company where the ownner is haveing the eqaul share holding in the company.
1) is the transfer of property is tentamount to sale.
2) is the transfer attract capital gain on property transfered.
3) what will be the rate of statm duty and registration.
Thanks
Nitin Gangar.
C.A
n.k.sarin
(Expert) 26 June 2009
Dear Nitin,If there is any consideration in terms of money, the transfer of property is tantamount to sale and the transfer attract capital gain on property transferred.
stamp duty and registration charges depends on state law to where property located.
Uma parameswaran
(Expert) 26 June 2009
I am suppporting the answer given by L friend Mr.sarinji.The nature of transfer and the parties to whom the transfer is going to effect is needs to know for more clear answer.
NITIN
(Querist) 27 June 2009
Dear All,
Thanks for your reply to my above queries.
I would like to clarify more on the above.
The said co-ownner of the property is transfering the property without any consideration to Pvt. Ltd.company where the said co-owner is director/promoter and only share holder in the company.
Please advice with respect to Capital gain and stamp duty registration in the state of Maharashtra.
Best regards,
Nitin Gangar
C.A.
NITIN
(Querist) 27 June 2009
Dear All,
Thanks for your reply to my above queries.
I would like to clarify more on the above.
The said co-ownner of the property is transfering the property without any consideration to Pvt. Ltd.company where the said co-owner is director/promoter and only share holder in the company.
Please advice with respect to Capital gain and stamp duty registration in the state of Maharashtra.
Best regards,
Nitin Gangar
C.A.
NITIN
(Querist) 27 June 2009
Dear All,
Thanks for your reply to my above queries.
I would like to clarify more on the above.
The said co-ownner of the property is transfering the property without any consideration to Pvt. Ltd.company where the said co-owner is director/promoter and only share holder in the company.
Please advice with respect to Capital gain and stamp duty registration in the state of Maharashtra.
Best regards,
Nitin Gangar
C.A.
NITIN
(Querist) 27 June 2009
Dear All,
Thanks for your reply to my above queries.
I would like to clarify more on the above.
The said co-ownner of the property is transfering the property without any consideration to Pvt. Ltd.company where the said co-owner is director/promoter and only share holder in the company.
Please advice with respect to Capital gain and stamp duty registration in the state of Maharashtra.
Best regards,
Nitin Gangar
C.A.
PALNITKAR V.V.
(Expert) 29 June 2009
The stamp duty will be charged on the basis of the value of the property though the transfer is without monetary consideration. If you can show that there is no capital gain, perhaps capital gain tax may not be levied.
n.k.sarin
(Expert) 02 July 2009
Mr. nitin,transfer can not be completed without any consideration.To complete the transfer of property their must be some consideration.consideration is a one of the essential ingredient of the transfer deed.
