Gift deed executed by mother in favour of daughter would attract concessional stamp duty of 1 per cent plus Rs 200
Gift deed
The residential property is in Mumbai. Currently held in the name of mother as first holder and daughter as second holder having share of 50% each. Mother is intending to gift her 50% share to her daughter so that she can be the sole 100% owner of the residential property. Will it attract any stamp duty and if yes how much?
Asked 2 years ago in Property Law
Religion: Hindu
First answer received in 10 minutes.
Lawyers are available now to answer your questions.
10 Answers
The payment of stamp duty has to be done from whose account. Mother or daughter? In terms of Legality and Income Tax
Asked 2 years ago
Stamp duty payment should be from mother account as she is executing gift deed in favour of daughter
According to section 34 of the maharashtra stamp act, as amended in 2017, 3% of the property value is levied as stamp duty on gift deeds. however, if the property under consideration is a residential or farm property and has been gifted (without payment) to a family member, the applicable stamp duty is rs 200.
Stamp duty can be paid from anyone's account. If Donee can pay the stamp duty it will better for Income tax.
Stamp duty on blood relation in Maharashtra is fixed Rs. 200. The doner has to pay the stamp duty.
In Maharashtra transfer of immovable property in favour of blood relation do not attract stamp duty.
The charges payable towards registration of gift deed would be between Rs. 200 & 500.
The stamp duty towards gift duty to be made by the donor only.
- The stamp duty is 3% if both are blood related, however if the property is a residential then only Rs.200/-
- It can be paid by either of the party
No stamp duty on gift deed between blood relatives.
It will attract a negligible stamp duty less than the standard duty applicable
In Mumbai, Maharashtra, the rules and regulations regarding property transactions, including gift deeds, are subject to the Stamp Act of Maharashtra. When a property is transferred through a gift deed, it may be subject to stamp duty.
The payment of stamp duty typically falls on the person who is receiving the gifted property, which in this case is the daughter. It is the daughter's responsibility to pay the stamp duty associated with the gift deed. The amount of stamp duty can vary based on the market value of the property, the relationship between the donor (mother) and the donee (daughter), and other factors.
