1. I want to gift my Bunglow in a registered co operative housing society fully or partially in Mumbai to my wife & two sons . Please explain the status of LOCAl BODY taxes applicable .in Mumbai for this. 2. My deceased father & deceased mother owned a CIDCO leased row house in New Mumbai. After death of my father , my mother had gotten mine & my wife's names introduced with CIDCO ( officially ) . But since then , my mother has also expired. So presently , both of the the original lessees are no more alive, , we , myself & my wife have their names introduced in the property after death of one of the original lessee. Both of us ( my self & my wife ) are 74 years & 64 years old. We want to get the property transferred to our two sons or get their names introduced officially with CIDCO to avoid later date hassles after we are not there. We under stand both of the above can be done through by gift acts. I am presently 74 years old. My e-mail ID is : c.s.gupta@outlook.com Please advise.
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1. As per declaration from Maharashtra Govt. local body tax is supposed to be scrapped from 1.8.2016. So check from the authority as it should no more be applicable.
2. You can transfer your respective shares in favour of your children by a gift deed. There isno impediment in alw in doing this. The stamp duty is very less for gift deed. For the latest rate of stamp duty you can check from the registration office.
I asked for local body taxes for Mumbai & New Mumbai
1) as per artticle 34 of maharashtra stamp act only stamp duty of Rs 200 is leviable on trnasfer of property to wife and 2 children by gift deed
2) as per notifcation dated 31/3/2016 registration charges would be arouynd Rs 200
3) no LBT tax would be levied
Local body tax is not applicable on this kind of case. There will be no gift tax too as the property is being given from a father to his child. As per recent amendment in Maharashtra Stamp Act, the only thing payable is the stamp duty in the case of transfer of property to relative is Rs.500/-.
I asked for local body taxes for Mumbai & New Mumbai
Local body taxes are not applicable for gift of immovable properties.