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Is LBT and stamp duty applicable for gift deed in blood relation?
13-Jan-2023 (In Property Law)
Is LBT and stamp duty applicable for gift deed in blood relation?? Property is in navi mumbai. Its a commercial property
Yes, LBT, stamp duty, registration fees all are applicable for gift deed in blood relation. 1% LBT is applicable to allover Maharashtra excluding Mumbai & its suburban.
You commercial property is in Navi Mumbai, so it is applicable.
You commercial property is in Navi Mumbai, so it is applicable.
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Adv. Seema Vithal Mangaonkar
Mumbai | 25+ Answers
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Is stamp duty charged on property transfer within a family in UP in 2023?
UP reduces stamp duty on family property gifts to Rs 5,000. Earlier, gift deeds attracted 5% stamp duty. The Uttar Pradesh government fixed the stamp tax on gift deeds to Rs 5,000 in an effort to reduce the cost of transfers between family members. 10 Aug 2023
What is blood relation for gift deed?
A legal document called a gift deed for blood relations is used to transfer property ownership from one family to another, without any exchange of money. This is a common way for parents to pass their assets on to their children, without having to worry about tax or legal implications.
Do I have to pay stamp duty on gifted property in India?
If the donee clears the property, the gift becomes invalid because there has been a monetary transaction. Stamp duty and registration fees are usually the same or similar to those of a Sale deed.
What is the stamp duty on gift deed in blood relation in Mumbai?
According to section 34 of the maharashtra stamp act, maharashtra stamp and gift duty is 3%. If the property is residential or farmland and it was given (without payment), the maharashtra gift duty is Rs 200.
Stamp duty is waived by state government for transfer of property in blood relationship. To transfer the property you need to have Rs. 500 stamp & 1% LBT for transfer of property in blood relation. Thanks
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Adv. Bharat Pandirao Pawar
Pune | 500+ Answers
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In case of commercial property..Stampduty vl b of 2 % of market value if its gifted to family members being husband ..wife ..brother ..sister..nd local body tax is also applicable in navi mumbai area
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Adv. Dipika Jigar Panchmatia
Mumbai | 25+ Answers
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