• Selling Dadar, Mumbai based Property, executing Gift deed regi

Hi, Residential Property is based at Dadar, mumbai. I am getting gift deed registered on my name( younger son) from my mother name. I understood there is no Local body tax at Dadar, mumbai. Can i get article number where its mentioned so, as in case while registering the gift deed, government officer may ask me to pay LBT tax, 1%, i can show him the government regulations. Secondly can i get gift deed registered and stamped in Pune? . As my mother is old and want to save her the trouble of travelling from pune - mumbai. 2. The sale proceesd can i invest in commercial property as property in consideration is residential. will there be capital gain or any other tax?
Asked 7 years ago in Property Law
Religion: Hindu

Ask a question and receive multiple answers in one hour.

Lawyers are available now to answer your questions.

2 Answers

since property is in Mumbai registration of gift deed has to be done in Mumbai only

2) it cannot be done in Pune

3) as per article 34 of Maharashtra stamp act only stamp duty of Rs 200 is leviable on transfer of property from mother to son by way of gift deed .

4) sub registrar would not ask you for payment of LBT s property is in Mumbai only

5) Sale consideration required to be invested in a residential house property and not commercial property

6) On sale of residential property, necessary to invest capital gains in another residential house property and not commercial property for exemption u/s 54.

Ajay Sethi
Advocate, Mumbai
95208 Answers
7610 Consultations

5.0 on 5.0

Local body tax is not applicable on this kind of case. There will be no gift tax too as the property is being given by the mother to her son. As per recent amendment in Maharashtra Stamp Act, the only thing payable is the stamp duty in the case of transfer of property to relative is Rs.500/-.

vide article 34 of Maharashtra stamp act and Notification : dated 31 March 2016, w.e.f. 01/04/2016 Registration Fee 200/- on Gift.

The property situate in Mumbai cannot be registered at Pune

If you sell the property after acquiring it then the capital gains tax shall be applicable as per the original purchase of the property.

The proceeds can be availed for purchasing another property be it residential or commercial but on your name.

T Kalaiselvan
Advocate, Vellore
85409 Answers
2237 Consultations

5.0 on 5.0

Ask a Lawyer

Get legal answers from lawyers in 1 hour. It's quick, easy, and anonymous!
  Ask a lawyer