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Stamp duty and registration charges for release or gift deed
26-Feb-2023 (In Property Law)
I have one flat in Dombivli (under Kalyan Dombivli Municipal Corp) that was purchased in June 2010 in an under construction building. It was jointly registered in the name of my father as first owner and myself as co-owner. The construction work was completed in March 2013. However my father was expired in October 2010 and I paid the entire amount for this flat from my account. I have mother and one sister and they want want to make a release or gift deed wherein mother and sister will transfer their shares in my name and i will become 100% sole owner of the property. Can you please confirm how much would be the stamp duty and registration charges and other legal expenses. Also is there any LBT applicable to us for this deed? Would appreciate your guidance. Regards.
The stamp duty depends upon various factors in this case. It may vary from Rs.100/- to 3% of the Circle Rate of the property. The query requires scrutiny of documents to provide exact answer.
Hon’ble Revenu Minister Eknath Khadase announced in Assembly on 25-03–2015 that Govt. waives stamp duty on transfer of land or flat immovable property to Kin or family members. He announced that now immovable property such as land, house or flat can be transferred to Owner’s Children or even to blood relatives simply by executing transfer deed on Rs. 500/- stamp paper without paying stamp duty and registration fee. This announcement will give good relief to the families of transferors as they will not require to pay 5% stamp duty at market value as per ready Reckoner. Minister further clarified that in such an event it will be sufficient if transfer document is executed on Rs.. 500/- stamp-paper.
He further clarified that the decision to waive stamp duty on property transferred to heirs is taken on account of large complaints received from farmers who were otherwise unable to transfer farming land to their family members due to heavy stamp duty for such transactions. H’ble Chief Minister on another issue of TDR clarified in the assembly that Govt. is framing a new policy by which TDR will be indexed to the Ready Reckoner rate in order to prevent developers earning buge income from use of TDR of one area to another. The Ready Reckoner rate of the area where it is being utilized will now apply. S.S. Mahajan Source Times of India dt. 26-3-2015
Hon’ble Revenu Minister Eknath Khadase announced in Assembly on 25-03–2015 that Govt. waives stamp duty on transfer of land or flat immovable property to Kin or family members. He announced that now immovable property such as land, house or flat can be transferred to Owner’s Children or even to blood relatives simply by executing transfer deed on Rs. 500/- stamp paper without paying stamp duty and registration fee. This announcement will give good relief to the families of transferors as they will not require to pay 5% stamp duty at market value as per ready Reckoner. Minister further clarified that in such an event it will be sufficient if transfer document is executed on Rs.. 500/- stamp-paper.
He further clarified that the decision to waive stamp duty on property transferred to heirs is taken on account of large complaints received from farmers who were otherwise unable to transfer farming land to their family members due to heavy stamp duty for such transactions. H’ble Chief Minister on another issue of TDR clarified in the assembly that Govt. is framing a new policy by which TDR will be indexed to the Ready Reckoner rate in order to prevent developers earning buge income from use of TDR of one area to another. The Ready Reckoner rate of the area where it is being utilized will now apply. S.S. Mahajan Source Times of India dt. 26-3-2015
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