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About Gift deed in close family
02-Jun-2023 (In Property Law)
Hello Sir/Madam,
My uncle wants to gift his flat to my father (both are siblings). Will he have to pay stamp duty on gift deed? Or if my uncle gifts the flat to me ( his nephew), in that condition how much stamp duty has to be paid?
Hello,
First of all where is the property situated? And apart from that
Yes in both the cases the stamp duty along with the registration charges will be applicable.
As per the new rates there will also be an additional metro cess payable by your end
First of all where is the property situated? And apart from that
Yes in both the cases the stamp duty along with the registration charges will be applicable.
As per the new rates there will also be an additional metro cess payable by your end
Helpful?
Adv. Chinnmay S. Shah
Mumbai | 200+ Answers
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Who can challenge a registered gift deed?
According to Section 17 of Indian Registration Act of 1908, the gift of a movable property is required to be registered. If your grandfathers gift deed is not registered, or is registered with an inadequate fee, then relatives may challenge it in court.
Is tax applicable on gift deed in blood relation?
This clause is found in Section 12AA. The owners spouse, sibling, or spouses brother can all be beneficiaries.
Who are relatives for gift tax exemption?
Any relative spouse, brother, sister, or parent-in-law of oneself or spouse. Also, any descendant or lineal ascendant of either self or spouse. 28-Feb-2023
How much does a lawyer charge for a gift deed in India?
In general, an attorney can charge anywhere between Rs. A lawyer can charge anywhere between Rs. 20000/- for drafting a gift deed. There may also be filing fees for the court to record the gift deed.
Respected sir,
Your uncle and your father are blood relatives so if they executed gift deed then they have to pay stamp duty of 4% of market value of flat along with 1% registration fees and if your uncle gifted flat to you then you have to pay 6% stamp duty of market value of flat and registration fees of 1%.
Your uncle and your father are blood relatives so if they executed gift deed then they have to pay stamp duty of 4% of market value of flat along with 1% registration fees and if your uncle gifted flat to you then you have to pay 6% stamp duty of market value of flat and registration fees of 1%.
Helpful?
Adv. Vanita Yogesh Orpe
Mumbai | 100+ Answers
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