LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Ajay (Staff)     08 July 2024

Stamp duty on transfer

My sisters and I inherited a flat in a cooperative society in Mumbai, from our deceased parents. I would like to transfer my rights in the property, for no consideration in favour of my siblings. The property is located in Mumbai. Qs1: What would be the pros and cons if I did relinquishment deed, versus if I gift deed? Qs1: Would any of us have to pay stamp duty at the time of relinquishing my rights or gifting my share to my remaining siblings? Qs2: If I relinquish or gift my shares, then would I have to do it equally among my remaining siblings who have a right in the property, or can I release my rights/gift my share to just any one of my siblings? Thank you in advance.


Learning

 4 Replies

T. Kalaiselvan, Advocate (Advocate)     08 July 2024

1. Relinquishment deed would be the proper mode of transfer in legal terms in such circumstances, besides the stamp duty is also very less compared to the gift deed. It is you who has to decide instead of debating over the pros and cons of each mode. 2. You can relinquish your rights in the property in favor of a particular sibling too but the same has to be properly mentioned in the registered release deed accordingly. 2.

P. Venu (Advocate)     08 July 2024

Stamp duty varies from State to State. The conveyance of property could be at your discretion.

Ajay (Staff)     08 July 2024

Thank you. What is the applicable stamp duty rate that would apply for transfer to siblings, without consideration. The property is located in Mumbai. .

T. Kalaiselvan, Advocate (Advocate)     08 July 2024

You can refer to the ready reckon-er available in Mumbai in this connection

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register