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Is lbt applicable on gift deed
08-Jun-2023 (In Property Law)
Reposting as not got reply to my previous post. Is lbt applicable on gift deed from father to daughter if property is in thane city. Daughter is first owner and father second owner of the property
No the lbt is not applicable. there is only approx 500 charge for entire proceedings/ work. You have to pay 200 for registration, 200 for other work. And there is no stamp duty in Maharashtra on the transfer of property by way of gift deed in the blood relations. So you can save all your money on the stamp duty. Secondly, the flat is now have to be tranferred in your name with the sub-registrar.
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Adv. Vijendra Rai
Mumbai | 100+ Answers
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Local body tax is not applicable on this kind of case. There will be no gift tax too as the property is being given from a husband to his wife. As per recent amendment in Maharashtra Stamp Act, the only thing payable is the stamp duty in the case of transfer of property to relative is Rs.500/-
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Adv. Sudha Swamy
Navi Mumbai | 25+ Answers
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