Gift deed from son to father of residencial property

604 votes

For transfer of property from father to son vide gift deed attracts minimum stamp duty based on the valuation of the immovable property. Feel free to contact me for seeking any legal advice as regards the same.

Advocate Prerna Shukla LawRato

668 votes

It is necessary that you share some more details so that I can assist you further. A thorough examination of the matter at hand will enable me to assist you further in the matter and advise you accordingly.

Advocate Mikdad Zummerwala LawRato

866 votes

Yes it is possible. And the stamp duty for the same is as per act 3% of the property value has to be paid. And a fixed fee is there for specific relations. This applies for both residential n agricultural properties Is property is 50 lakhs then 200 stamp duty And same is gifted to other relative then stamp duty for the same would be 3% of it that is 1.5 lakhs

Advocate Vaibhavi Muthinty LawRato

649 votes

Yes, it is possible to transfer property ownership in Maharashtra to your father via a Gift Deed. A Gift Deed is a legal document through which the donor (you) voluntarily transfers the ownership of the property to the donee (your father) without any consideration or payment. In Maharashtra, the transfer of property through a Gift Deed attracts stamp duty, which is calculated as a percentage of the market value of the property. For the transfer of property by gift to a close relative, such as a father, the stamp duty rate is typically 3% of the market value of the property. Additionally, a registration fee of 1% of the market value (subject to a cap) is payable under the Maharashtra Stamp Act, 1958. In terms of taxation, the transfer of property through a Gift Deed to a close relative is exempt from Income Tax under Section 56(2)(x) of the Income Tax Act, 1961. However, if the property has appreciated in value, the capital gains tax will be applicable at the time of sale by the donee in the future. The period of holding by the donor is considered for determining long-term or short-term capital gains tax. It is advisable to consult a legal professional to ensure compliance with all formalities during the process.

Advocate Kiran Sharma LawRato

673 votes

since it is a transfer from son to father it attracts two percent or one percent of stamp duty in addition to the drafting charges. the registration charges are usually around 15000 for a gift deed. You can do it ASAP since the stamp duty is set to increase from april

Advocate Kajal B Joshi LawRato