stamp duty would be 3 per cent of market value of property
2) registration charges would be maximum Rs 30,000
better execute will bequeathing property to your nephew
Gift of commercial property to nephew
I am spinster and own a commercial property in maharashtra. i wish to transfer it on the name of sister's son. how much stamp duty and registration charges will i have to pay
Asked 7 years ago in Property Law
Religion: Hindu
12 Answers
Is there any concession in the stamp duty and registration charges if the property is transferred in sister's name
Asked 7 years ago
See for gift there shall be stamp duty of 3 percent along with 1 percent registration charge on jantri value that is government prescribed circle rates.
Further you are.gifting to him logical he should bear the cost of same otherwise it is on your mutual understanding.
Gift deed will attract stamp duty and regustration fees along with gift tax. Better make a will in favour of your nephew.
Dear Cleint,
Stamp duty is three percent of market value if gifted to blood relative and otherwise 5 percent.
no concession if property is transferred in sister name
Stamp duty may vary from state to state.
You should contact any local lawyer for faultless advice. Vague answers will not give you the exact relief .
Dear Sir,
Each State has its own policy of stamp duty. Further concession will be extended if deeds are executed between blood relations. Please check website of department of Stamps and registration of your State.
1. aunt to nephew gift - stamp duty will be 3% of RR value of property
2. sister to sister - stamp duty is same as above
3. registration fee - 30k
Hi,
In case of transfer to women, there are some relaxation in registration charges by some States. You may consult local registrar office for exact charges.
This is my response to you:
1. The stamp duty payable by you will be at the rate of 3% if you transfer to your sister;
2. If you and some other person were the owners then you could have executed a release deed;
3. Instead the best option now is to execute a Will in favour of our sister;
4. Hand over a power of attorney in her favour to run the business/rent out the property till your death;
5. This way you can avoid paying heavy stamp duty;
6. Consult a local lawyer with full facts and then take steps.
In Maharashtra there is no stamp duty payable for transfer of immovable property within the blood relations, hence you may enquire about this in the local and see what is profitable to you.
Is there any concession in the stamp duty and registration charges if the property is transferred in sister's name;
The stamp duty is exempted for transfer of immovable property within blood relations, hence you may not have to pay any for this transfer towards stamp duty.