Gift deed stamp duty and registration
I am from Maharashtra. Me and my brother jointly own a flat in PUNE.My brother wants to gift his share of property on my name by executing gift Deed.
With the recent amendments in the laws how much % of Stamp duty and Registration charges are applicable( For blood relation)Is it necessary to register to gift Deed, need o subit it to Bank.
Asked in Property Law from Pune, Maharashtra
1) gift deed attracts nominal stamp duty of Rs 500
2) gift deed has to be duly stamped and registered to be admissible in evidence
Immovable property — land, house or flat — can now be transferred to one's children or blood relatives without paying stamp duty for registration.
Hon’ble Revenu Minister Eknath Khadase announced in Assembly on 25-03–2015 that Govt. waives stamp duty on transfer of land or flat immovable property to Kin or family members. He announced that now immovable property such as land, house or flat can be transferred to Owner’s Children or even to blood relatives simply by executing transfer deed on Rs. 500/- stamp paper without paying stamp duty and registration fee. This announcement will give good relief to the families of transferors as they will not require to pay 5% stamp duty at market value as per ready Reckoner. Minister further clarified that in such an event it will be sufficient if transfer document is executed on Rs.. 500/- stamp-paper.
Hope the above information was useful.
1. There is no stamp duty if the donor and donee are related by blood.
2. The gift deed should be registered in the office of sub-registrar.