1. Nominal stamp duty of Rs 200 if property is residential
2. Nominal registration fee
3. Other charges include lawyer professional fee for drafting gift deed and registration agent fee for helping to complete registration formalities
Gift deed
If I intend to transfer my flat to my wife as a gift. What will be the charges for them and what all taxes, in addition, we have to submit? Also if any lawyer in Pune can be recommended.
Asked 7 years ago in Property Law
Religion: Hindu
10 Answers
1. First of all you shall have to get the copy of the gift deed drafted and then submit the same before the office of the Sub-Registrar filling in the query sheet to know the amount to be paid by you toeards stamp duty and registration fee.
2. Thereafter you can register the gift deed by paying the stamp duty and registration fee accordiungly.
3. Engage a local lawwyer to get the gift deed registered.
See there wont be any tax when property gifted to spouse, but 3 percent stamp duty according to the circle rate of the property need to be paid for registration of the gift deed along with the registration charges.
You need to execute a registered gift deed there will be stamp duty and registration charges applicable to you.
Stamp duty and registration charges have to be paid for execution of gift deed
no trabsfer charges are leviable by society
search on website or lawyers in
pune
(1) By giving a gift of the property to your wife through Registered Gift Deed. In this case, the stamp duty payable would be very very less compared to the stamp duty payable in the normal transfer of property.
(2) By making a WILL in favour of your wife. Here there is no requirement for payment of any stamp duty at all. In this case the WILL will become effective only upon your demise and not before that
Dear Client,
Stamp duty payable 3% of the market value of a property.
- As per the information mentioned in the present query, makes it clear that you specifically want to go for the gift deed, but not the transfer deed to her name.
- If you are going for the gift deed without any consideration (money) then it may not cost you more than few thousand only.
- Only drafting fee plus registration charges would be there.
- You need not to go for the stamp duty for a single penny.
This is my response to you:
1. If you and your wife are joint holders then you can execute a release deed. Stamp duty is 500 rupees;
2. A GIft Deed can be the other alternative when you are the sole owner;
3. You will have to pay stamp duty at the rate of 3%;
4. You can draft it through any lawyer in Maharashtra;
5. Consult a local lawyer with full facts and take steps.
If you intend to transferthe property by executing a rregistred gift deed in favor of your wife, only the applicable registration charges shall be paid becasue in Maharashtra there is no stamp duty payable for transfer of immivable property within close relationship.
The income tax shall be applicable only at the time of disposal of property by her
