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Blood Relative Gift Deed - Nagpur - Is Metro cess and LBT applicable?
20-Sep-2024 (In Property Law)
Hello, my father wants to register gift deed on my name for residential plot. I am aware of stamp duty and registration charges will be Rs 200/- each. Please let me know if we will have to pay Metro Cess 1% and LBT 1 % on the market value of the residential property .
Dear client based on your questions your father wants to register a gift deed on your name so regarding this we need more detailed discussion on your concern matter . hope this answer helps you for details discussion feel free to connect with us.
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Adv. Anish Palkar
Mumbai | 200+ Answers
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Yes, when registering a gift deed for a residential plot in Maharashtra, you will be required to pay Metro Cess and Local Body Tax (LBT) in addition to the stamp duty and registration charges.
The Metro Cess is charged at 1% of the market value of the property. Similarly, the Local Body Tax (LBT) is also applicable at 1% of the market value. Both of these charges are calculated based on the prevailing market value of the property as determined by the registration authority.
Make sure to check the current rates and any specific requirements with the local sub-registrar’s office or a legal advisor to ensure compliance with all applicable laws and fees.
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Adv. Rohan Venkatesh Yemul
Mumbai | 100+ Answers
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