shalini 24 August 2018

Gift deed procedure

Would like to know this situation of Gift Deed.

Mother is the owner of the flat. She is getting old now and would like to do the Gift Deed and give 40% to daughter 40% to son and keep 20% for herself.

Question :

They have to prepare the documentation from the lawyer, go to the registration office and get the Gift Deed transfered, pay the registration charges?

Do they have to go through paying the stamp duty for this Gift Deed, and if no, can you direct under which rule number it says so, that stamp duty amount to be paid not valid for Gift Deed from Mother to daughter and son.

Thank you.

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4 Replies

Adv Deepak Joshi +917017821512 (Advocate) 24 August 2018

Dear querist,

You have to pay STAMP Duty on the value of the property that your mother will be gifting, and Registration Fee.

Thanks and Regards

Deepak Joshi & Associates

Djaa.legal@gmail.com

Mb/whatsapp +919456777600

shalini 24 August 2018

Stamp duty. Stamp duty is payable by the receiver of the gift, but only if theproperty has a mortgage attached to it. If it does, the recipient will have to pay stamp duty on the outstanding value of the mortgage.

Is this information correct

SOLOMON.RAJ (advocate/director) 27 August 2018

Dear Shalini,
Since the titles are vested wiuth your mom and out of the total property available on record she will have to get two different gift deeds executed.

1.firts deed for 40 percent in your favour.

2.Second deed for adfitional 40 percent in your brothers favour.
3.The remaining 20 percent will still remain in your mothers name.
4. You and your brother have to pay 1 percent of the stamp duty of the total assessed value.
i.e. one percent each since it is a gift deed.
5. Your mom need not pay any registration fee.

Adv. Solomon Raj,
Attorney at Law,
Bharat Gaurav samman awardee 14
AICC National Legal Chairman.
email:rajcarey@yahoo.com
phn:9866545086

Vickas 28 August 2018

Thank you Sir, for your revert.

The procedure that I have to do it to get my documentation ready of Gift Deed, go to the Registration Office, Pay the registration and Stamp duty charges.

After doing that, what documentation I need to follow to incorporate our names in the share certificate, I mean what documentation I have to present to the Managing Committee of the society to include our names in the share certificate.

Secondly, I want to stand for election in this AGM, what documentation I will require to complete enabling me to do so from my brother and mother.

Thank you,