SRI HARSHA 23 July 2023
My father (age - 57) has one piece of land in which we have a proposal to construct a house. For Plan Approval, we need to separate some parts of the land for easy approval.
We got to know from a local document writer that the only way to do it is to gift the part of the land to another family person which is costing nearly 1 lakh. Is there any other way which costs less?
My father has a wife, an unmarried son, unmarried daughter.
Mr. Sumitra kumar (Advocate) 23 July 2023
Don't give a different color to your question. Dispute?
Thank you.
SRI HARSHA 24 July 2023
In our area, any plan approval for sites more than 220 sq. Yards required mortgaging 10% of land to the local authority which will be released after we complete the construction as per plan approved. Our land is 260 Sq. Yrds but we are planning to construct in less than 200 Sq. Yrds.So, our engineer advised us to split the land. So, I have raised the above query i.e. Gift Deed is the only option or there any other option?
Mr. Sumitra kumar (Advocate) 24 July 2023
@Practising Charetered Accountant
Mr. Chartered Accountant:
This is only for your kind information.
I wear black and no color can affect me.
Thank you.
P. Venu (Advocate) 24 July 2023
In most of the States, stamp duty for execution of gift deeds in favour of specified family member is only a nominal amount. Please verify.
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