the partition of HUF property firstly you can go ahead and work a family settlement deed among yourself and get it registered.
Taxation and stamp duty on partition of huf property
My father is having an huf property .he has got one son and one daughter both married.now he wants to dissolve huf by going for a partition of property equally between father,mother,son and daughter.what will be the type of stamp duty/and stamp charges he has to pay, in percentage of guideline value of the property??we are situated in madhya pradesh.
Asked 6 years ago in Property Law
Religion: Hindu
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7 Answers
The stamp duty varies drom state to state as a percentage of the value of the property. A local lawyer must be engaged who can tell you about the exact stamp duty to be paid.
Regards
You need to execute registered partition deed in this case
Stamp duty is state subject and varies from state to state
local lawyer can guide you as to stamp amp duty on partition of HUF
After partition income from huf shall be in the hands of individual coparceners.
Partition deed is not compulsory to be registered although it may be registered by paying nominal fees of Rs. 500 to 1000 per share in the deed.
Dissolution deed will execute by Karta/father on 100/500rs, than property automatically will distribute among members equally. If want the partition acc. to specific portion than partition deed will execute - 3% stamp duty payable.
The stamp duty applicable for partition of properties within the blood relations is to be paid, the rates of which can be confirmed from the local registrar's office.
First prepare a proper partition deed mentioning the shares of each member in different schedules in the same deed and get the registered deed executed by each of you signing the partition deed.
