DEAR SIR we two brothers bought a plot of 250 sq mtrs in sept 2006 in both names , now my brother is giving that plot to me against some other plot which also commom property but totally in his name , what is the procedure to transfer that plot wholly on my name and would stamp duty be expempted in that case if we make a gift deed , plz advice
1. All transfer of immovable proeprty requires stamp duty for the purpose of registration.
2.However if the transfer is made between close relatives like yours then the stamp duty is very less.
3.Do note you will get concessional rate of stamp duty but no total exemption from it.
1) gift deed attracts 2 per cent stamp duty in case gift is executed by your brother in Your favour
2) it would also attract registration charges
1. Your brother can execute a gift deed in your favour.
2. Whether or not the gift deed will be exempt from stamp duty can be answered only by a Maharashtra based lawyer as every state has its own stamp duty act.
By executing registered relinquishment deed by your brother in your favour the property can transfer your favour wholly. Relinquishment deed or release deed is competent and it will take reasonable for payment of stamp duty and registration charges.
You brother can execute a registered gift deed in your name and transfer the property entirely on your name.
There is no stamp duty for such transfers within the blood relations in Maharashtra.
You may have to pay the registration charges alone.
