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Gift transfer of share of property to brother
29-Aug-2023 (In Property Law)
Respected Lawyers,
I am currently a joint co-owner with my brother in a residential property in Pune Municipal area. I contributed 5% share whereas my brother 95% at the time of purchase in 2010. (Distribution of share is not documented) I wish gift my share to my brother.
1. How much stamp duty+registration +LBT will be payable?
2. Is that in proportion to my share or whole property valuation?
Being it is not defined you have equal share with your Brother . further you have to pay 6% Stamp Duty plus 1 % LbT and 1 Percentn Metro Cess. furhter you have to pay 1 % Reg Fee. maximum upto 30000 . If you provide the documents its easy to sum up the calculations.
Helpful?
Adv. Ganesh Arjun Ranadive
Pune | 100+ Answers
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This is my response to you:
1. Its a very simple process;
2. Make a release deed;
3. Pay the nominal stamp duty and registration fees which in toto will be less than 2000 rupees;
4. Consult a local lawyer and take steps.
1. Its a very simple process;
2. Make a release deed;
3. Pay the nominal stamp duty and registration fees which in toto will be less than 2000 rupees;
4. Consult a local lawyer and take steps.
Helpful?
Adv. Gowaal Padavi
Mumbai | 500+ Answers
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