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Stamp Duty payable in transferring property to blood relative
13-Feb-2023 (In Documentation Law)
How much stamp duty will be payable, when one brother is transferring property, situated in UP, to his brother (blood relative) by way of Gift deed
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.
He further clarified that the decision to waive stamp duty on property transferred to heirs is taken on account of large complaints received from farmers who were otherwise unable to transfer farming land to their family members due to heavy stamp duty for such transactions. H’ble Chief Minister on another issue of TDR clarified in the assembly that Govt. is framing a new policy by which TDR will be indexed to the Ready Reckoner rate in order to prevent developers earning buge income from use of TDR of one area to another. The Ready Reckoner rate of the area where it is being utilized will now apply. S.S. Mahajan Source Times of India dt. 26-3-2015
He further clarified that the decision to waive stamp duty on property transferred to heirs is taken on account of large complaints received from farmers who were otherwise unable to transfer farming land to their family members due to heavy stamp duty for such transactions. H’ble Chief Minister on another issue of TDR clarified in the assembly that Govt. is framing a new policy by which TDR will be indexed to the Ready Reckoner rate in order to prevent developers earning buge income from use of TDR of one area to another. The Ready Reckoner rate of the area where it is being utilized will now apply. S.S. Mahajan Source Times of India dt. 26-3-2015
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Adv. Siddhant Sharma
Delhi | 500+ Answers
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Gift Deed is a legal document validating the transfer of property, both movable and immovable, from a person called the Donor, with no material consideration whatsoever, made to another, called the Donee, barring natural love and affection.it varies according to property.
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Adv. Rahul Bhardwaj
Delhi | 25+ Answers
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U NEED TO APPROACH THE CONCERNED REGISTRAR OFFICE FOR THE SAME AND AS PER TERM AND CONDITION OF THE STATE AS WELL AS ANY OTHER LOCAL TAXES IF APPLICABLE WILL BE CHARGED AS PER THE RULES APPLICABLE AND THE CONCERNED TRAIND LEGAL ADVISOR IS AVAILABLE AT THE VICINITY OF THE REGISTRAR OFFFICE
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Adv. JK Patel
Delhi | 100+ Answers
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