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Does gifting house through gift deed involves payment of stamp duty
01-Jul-2023 (In Family Law)
Does gifting house through gift deed involves payment of stamp duty ? I want to gift my house to my real brother. How much will the gift deed process cost ? Is it dependent on the value of the property ? Will there be any tax implications for either me or my brother ?
depends on the state you live in. in maharashtra there is a very tiny amount for gifts made to blood relations. However, there is a charge of 1% of the property value as LBT.
your brother will enjou the property as a gift thereafter.
your brother will enjou the property as a gift thereafter.
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Adv. Sudarshan Desai
Pune | 200+ Answers
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Is there stamp duty on gift to blood relatives?
Stamp duty and registration fees are usually charged on immovable properties gifted. Stamp duty and registration fees can range from 2% to 7% depending on where the immovable property is located. 16 Nov 2023
What is the new stamp act in Maharashtra?
The Maharashtra Stamp Duty was set at Rs. 5,000 for instruments, mortgages and pledges of home loans. According to the Maharashtra Stamp Act, stamp duties on these instruments are currently higher at Rs. 10,00,000 ).
What is the stamp duty for blood relations in Maharashtra?
Maharashtra. Stamp Duty: Rs 200 per residential property and agricultural land; 3% for blood relatives. Registration with local authorities is mandatory, along with the submission of valuation certificates and encumbrance certificate. Stamp duty: 5% for family members and non-family.
Is gift deed necessary for blood relation?
When a large sum is gifted, it is important to provide evidence. If registered, cash gift deeds between blood relatives can become legally binding. Cash gift deeds in blood relations are proof that both the donor and the donee know about the transaction and have attested a document confirming the same.
Hello
Adv Minakshi Ovhal here
the stamp duty is a mere Rs 200 for a gift deed of such a property when transferred to a blood relative. ... But, if the property is residential or agricultural, and is gifted without any payment to a blood relative, then the stamp duty is Rs 200. and 1 % registration charges. and others advocate fees. any more information you can call me. Thank you
Adv Minakshi Ovhal here
the stamp duty is a mere Rs 200 for a gift deed of such a property when transferred to a blood relative. ... But, if the property is residential or agricultural, and is gifted without any payment to a blood relative, then the stamp duty is Rs 200. and 1 % registration charges. and others advocate fees. any more information you can call me. Thank you
Helpful?
Adv. Minakshi Bapu Ovhal Dakhane
Pune | 200+ Answers
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