• Gift deed registration

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.
Asked 4 years ago in Property Law
Religion: Hindu

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25 Answers

No income tax. 7 percent of market value of stamp duty and 1 percent additional registration fees

Prashant Nayak
Advocate, Mumbai
31954 Answers
179 Consultations

4.1 on 5.0

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)                          

 

Ajay Sethi
Advocate, Mumbai
94741 Answers
7539 Consultations

5.0 on 5.0

It has to be paid as per guidance value 

 

you would not be entitled to concessional  stamp duty 

Ajay Sethi
Advocate, Mumbai
94741 Answers
7539 Consultations

5.0 on 5.0

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 

Ajay Sethi
Advocate, Mumbai
94741 Answers
7539 Consultations

5.0 on 5.0

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. 

Prashant Nayak
Advocate, Mumbai
31954 Answers
179 Consultations

4.1 on 5.0

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.

 

Yogendra Singh Rajawat
Advocate, Jaipur
22641 Answers
31 Consultations

4.4 on 5.0

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.

Krishna Kishore Ganguly
Advocate, Kolkata
27220 Answers
726 Consultations

5.0 on 5.0

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. 

Krishna Kishore Ganguly
Advocate, Kolkata
27220 Answers
726 Consultations

5.0 on 5.0

For the purpose of calculating stamp duty you shall be treated as a relative.

Krishna Kishore Ganguly
Advocate, Kolkata
27220 Answers
726 Consultations

5.0 on 5.0

7 percent stamp duty along with 1 percent registration as per circle rate is applicable.

Shubham Jhajharia
Advocate, Ahmedabad
25514 Answers
179 Consultations

5.0 on 5.0

It shall be on prevailing circle rates also you won't be considered as family.member.

Shubham Jhajharia
Advocate, Ahmedabad
25514 Answers
179 Consultations

5.0 on 5.0

Income tax will not be applicable.you will.get exemption on same.

Shubham Jhajharia
Advocate, Ahmedabad
25514 Answers
179 Consultations

5.0 on 5.0

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.

 

Mohit Kapoor
Advocate, Rohtak
10687 Answers
7 Consultations

5.0 on 5.0

7% of the market value of the property. Registration Fee: 1% of the market value of the property.

Mohammed Mujeeb
Advocate, Hyderabad
19299 Answers
32 Consultations

4.7 on 5.0

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.

 

Mohammed Mujeeb
Advocate, Hyderabad
19299 Answers
32 Consultations

4.7 on 5.0

Yes, same charges will levy. POA dose not transfer ownership but only authority to act on behalf of owner.

Yogendra Singh Rajawat
Advocate, Jaipur
22641 Answers
31 Consultations

4.4 on 5.0

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 

Ajay Sethi
Advocate, Mumbai
94741 Answers
7539 Consultations

5.0 on 5.0

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.

Shubham Jhajharia
Advocate, Ahmedabad
25514 Answers
179 Consultations

5.0 on 5.0

Yes they can do that but the charges will be applicable as aforesaid

Prashant Nayak
Advocate, Mumbai
31954 Answers
179 Consultations

4.1 on 5.0

It would not be beneficial as stamp duty will remain same as they are directly transferring the property to you. 

Mohit Kapoor
Advocate, Rohtak
10687 Answers
7 Consultations

5.0 on 5.0

Your uncle n aunty can execute, The stamp duty

is similar to that for a gift deed.

Mohammed Mujeeb
Advocate, Hyderabad
19299 Answers
32 Consultations

4.7 on 5.0

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.

 

T Kalaiselvan
Advocate, Vellore
84942 Answers
2197 Consultations

5.0 on 5.0

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.

 

 

T Kalaiselvan
Advocate, Vellore
84942 Answers
2197 Consultations

5.0 on 5.0

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.

 

T Kalaiselvan
Advocate, Vellore
84942 Answers
2197 Consultations

5.0 on 5.0

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

T Kalaiselvan
Advocate, Vellore
84942 Answers
2197 Consultations

5.0 on 5.0

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