No income tax. 7 percent of market value of stamp duty and 1 percent additional registration fees
I’m Ashwin from Chennai.My uncle and aunt both unmarried (Mother’s brother and sister) are willing to transfer their property via gift deed settlement.Im willing to mortgage the property and get bank loan. Let me know the charges involved for stamp duty and registration in Chennai and also let me know whether i need to pay any income tax.
First answer received in 10 minutes.
Lawyers are available now to answer your questions.
Market value is 1 crore and guideline value is 50 lakhs,will I be paying stamp duty and registration on market value or guideline value?Also being a relative to them,will I have any concession on stamp duty and registration fee?what documents are required after registration to proceed with mortgage loan?
Stamp duty in Tamil Nadu
1% of Guideline Value subject to a maximum of Rs.25000/- (favouring family members)
8% of Guideline Value (favouring non family members)
2)
registration charges
1% of Guideline Value subject to a maximum of Rs.4000/- (favouring family members)
1% of Guideline Value (favouring non family members)
Will i be coming under ‘favouring family member’?
the word "family" means father, mother, husband, wife, son, daughter, grand child. In the case of any one whose personal law permits adoption, "father" shall include an adoptive father, "mother" an adoptive mother, "son" an adopted son and "daughter" an adopted daughter.
you do not fall within definition of family member
Guide line value of government is the parameter. Yes but whether you will come under blood relative or not needs to be considered. If yes you may enjoy some relaxation. Title documents and affidavit for bank.
Stamp duty will be 6% on gift deed on 50 Lacs.
Dose not court in blood relative. Consession Grant's if execute between blood relative. Exemption can be obtain by mother if gifted to her.
All the original documents will deliver to you and will submit to bank.
1. The stamp duty will be calculated based on the circle rate of the property to be gifted.
2. There is no Income Tax to be paid for receiving gift through valid document like registered Gift Deed.
1. Since it is a gift deed, the stamp duty will be charged on the circle rate/guideline value of the said property.
2. You are not blood related to the donor for which you shall not be able to enjoy the said concession in stamp duty.
1. They should first transfer the property to your mother as it would be considered as transfer in blood relation and then your mother can gift you the property.
2. As Stamp duty for gift deed will be much higher if they transfer property directly to you.
3. You don't have to pay income tax on property recieved through gift deed.
1.as per guidance value.
2.concession on stamp duty rates if the property is gifted to blood relatives, although this varies from state to state. When the property is gifted to a person outside the family, the stamp duty is higher and is applicable according to the rules of a normal transfer of property.
Can my uncle and aunt issue full power of attorney to my mother and then give as gift settlement ?if yes,what would be the charges?
Yes, same charges will levy. POA dose not transfer ownership but only authority to act on behalf of owner.
Uncle and aunt can execute POA in favour of mother to execute gift deed in your favour
2) stamp duty charges would be same as mentioned herein above
Yes they can give a power of attorney to your mother to execute the gift deed in your favor. The power of attorney shall also need to be registered before the sub-registrar office and stamp duty on same shall be applicable.
It would not be beneficial as stamp duty will remain same as they are directly transferring the property to you.
They can very well transfer their properties to your name by executing a registered gift deed.
The applicable stamp duty is 7% with 1% towards registration charges to the valuer of the property.
You need not pay any income taxe for this gift deed.
You may have to pay the stamp duty as per the government guideline value of the property.
No concession for gift deed, concession is available only settlement deed, which will not be applicable to this situation.
After this you can approach bank who will give you the list of documents to be furnished for mortgage loan.
No, you will not come under such relationship to claim any concession or exemption from paying the stamp duty since the relatives are your uncle and aunt and not blood relation.
They can give power of attorney to your mother and it has to be a registered deed by paying applicable stamp duty and the registration charges.
However the POA deed is not a title document hence as per law the transferors are your uncle and aunty only and not your mother.
Your mother is facilitating them to transfer the proeprty to your name on their behalf hence you cannot escape the payment of proper stamp duty and registration charges for this kind of transfer