stamp duty and registration required on Gift Deed to wife?
24-Feb-2023 (In Property Law)
Hi there!
My Name is Faheem, I reside in Mumbai, Maharashtra. recently I purchased a property on a mortgage. Property and home loan both are under my name. My Mrs is a homemaker. I wanted to find out if I want to make a gift deed of property in Maharashtra and give it to my mrs, do I have to pay stamp duty and registration? I heard under Muslim law stamp duty and registration is not required, is that true?
if I don't have to pay stamp duty and registration how much do you guys charge to make a gift deed and to register at registrar office?
I look forward to hearing from you.
Kind Regards,
Faheem
But prior you need to get consent from bank or financial institution for transfer of property.Then you can transfer that property to your wife.Rs.500 can be required to pay stamp duty by you as per amended stamp Act provision by Maharashtra Government.Registration fee shall be extra charged.
HI Faheem,
Yes sure we can help you in this thought there are certain charges which you have to bare, I guess you might be confused between Gift Deed and Gift Tax as in Gift tax there are no tax on any Gift you have received.So, the donor is not liable to tax for any gifts made by him either in cash or in kind. But if any sum of money, whose aggregate value exceeds 50,000, is received without consideration by any individual from any person after 1 April 2006, the whole of the aggregate value would be chargeable to income tax under “Income from other sources" in the hands of the recipient.
Yes sure we can help you in this thought there are certain charges which you have to bare, I guess you might be confused between Gift Deed and Gift Tax as in Gift tax there are no tax on any Gift you have received.So, the donor is not liable to tax for any gifts made by him either in cash or in kind. But if any sum of money, whose aggregate value exceeds 50,000, is received without consideration by any individual from any person after 1 April 2006, the whole of the aggregate value would be chargeable to income tax under “Income from other sources" in the hands of the recipient.
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