Sujit Deshmukh (Software Consultant) 05 January 2010

Gift deed from Sister to brother in Pune,Maharashtra

Hi everyone,

My sister has purchased a flat in Pune ( Maharashtra) in her name, the possesion of that flat is in March'10. Me and my father are co-borrowers in the home loan. The reason for purchasing the property in her name was my loan eligibility was very low when flat was purchased.

Now my sister has moved to US and works there, i am regularly paying the EMI of the loan. She wants to transfer the property in my name so that i can avail the benefits and also to avoid any property problems in future.

how to go about making the gift deed?? what will be the charges ( stamp duty, registration) , we have a home loan on the said property.. will the bank allow this kind of deed??

will await the reply for all the gurus on this topic.... thank you in advance.

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6 Replies

Rahul Gupta (Advocate) 05 January 2010

As regards Gift of the property your sister can certainly transfer the property to you subject to the approval of the Bank concerned. Without taking the bank into confidence the property cannot be transferred as the flat must have been mortgaged with it. You can request the bank to tranfer the loan in your name and you will pay the EMI's. As regards stamp duty n registration charges, each state has got separate rate which you will have to verify from the Registration office at Pune.

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Raj Kumar Makkad (Adv P & H High Court Chandigarh) 05 January 2010

I do agree with Rahul.

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V. VASUDEVAN (LEGAL COUNSEL) 06 January 2010

The stamp duty for gift in the instant case, applicable in Pune is as per Article 25 (d) (i) D -(Conveyance)

If the value (market) does not exceed Rs.2,50,000 - Rs.100

Exceeds Rs.2,50,000 but does not exceed Rs.5,00,000 - Rs.100/-+ 3per cent over and above Rs.2,50,000

Exceeds Rs.5,00,000 - Rs.7,600 plus 5% of the value above Rs.5,00,000

OR as per Article 34-Gift - Rs.10 for every Rs.500/- r part there of of the market value,

WHICH EVER IS LESS. SINCE THE STAMP DUTIES HAVE INCREASED EFFECTIVE JAN2010 FOR SOME AREAS OF MAHARASTRA, TO CHECK THE NOTIFICATION FOR LATEST RATES.

vasudevan

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Sujit Deshmukh (Software Consultant) 06 January 2010

Thanks all for replying.

Vasudevan Sir, the market value of my flat is 2500000.. so as per the calculations given by you, the stamp duty will cross the 1lac rs.. correct me if i am wrong.

Some time back someone had told me that i'll need to pay 2% of market value as stamp duty.. is it correct??

V. VASUDEVAN (LEGAL COUNSEL) 06 January 2010

As I had mentioned there are certain changes. Also the market value, registration value etc., depends upon zone-wise, you need to find out the latest rate, exact zone, year of construction (some rebate could be availed). Hence while the guidance was with reference to applicable, it is advisable to check with the local agent who does registrations (available near/around the sub-registrar;s offices for the exact amount payable, draft of the deed etc.

vasudevan