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Stamp Duty for Gift Deed from wife to husband in Maharashtra 3%
17-Aug-2023 (In Property Law)
I want to know that what is the stamp duty currently in Maharashtra for Gift Deed in case of gift to spouse. 16th May amendment was passed to increase it to 3% which was taken back on 19th may. and Now there is a confusion. Lawyers are asking for 3%.
increased stamp duty on gift deeds and conveyance deeds by amending the amending the Maharashtra stamp duty act.
With the aim to increase revenue from stamp duty, the state government has decided to charge 3% of the ready reckoner rates of land as stamp duty if a flat is gifted to a blood relation. The amount currently is barely Rs 200 or Rs 500 depending on the nature of the plot.
For instance, if there is a 1000 sq ft flat in Chembur where the land rate is Rs 81,000 per sq mtr and it is being transferred between blood relations, the stamp duty as per the new amendment that will have to be paid will be Rs 2.40 lakh.
By approving this, the state cabinet has overturned another decision that was taken by controversial BJP minister Eknath Khadse. Khadse had decided to do away with stamp duty on gift deeds. Before Khadse decision to change the stamp duty, the government was charging 2% of the land value.
The revision was possible by amending section 34 of the stamp duty act and officials say that they aim to collect an additional Rs 200 crore by this. Gift deed can only be made between husband -wife or brother and sister.
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Meanwhile, the section 25 of the act to increase the stamp duty on conveyance deeds in rural and peri-urban areas of the state. Conveyance deed is a legal document which shows that a property has been transferred in the name of another person.
Current the stamp duty on conveyance deeds in gram panchayat area was 3% of the land rate it has been increased to 4% and the stamp duty rate in peri-urban areas which are governed by municipal councils which also include the MMR region of Mumbai has been increased from 4% to 5% the rate for conveyance in the Municipal Corporation areas remains unchanged at 5%.
"We aim to generate an additional revenue of Rs 200 crore," said an official from the revenue department.
In another decision, the government has allowed payment of stamp duty and registration using the electronic secured bank cum treasury receipt (E-SBTR) for denominations for than Rs 100, which earlier was for amount more than Rs 5000. The methods of collection of revenue is considered to be safe as stamp papers can be tampered.
With the aim to increase revenue from stamp duty, the state government has decided to charge 3% of the ready reckoner rates of land as stamp duty if a flat is gifted to a blood relation. The amount currently is barely Rs 200 or Rs 500 depending on the nature of the plot.
For instance, if there is a 1000 sq ft flat in Chembur where the land rate is Rs 81,000 per sq mtr and it is being transferred between blood relations, the stamp duty as per the new amendment that will have to be paid will be Rs 2.40 lakh.
By approving this, the state cabinet has overturned another decision that was taken by controversial BJP minister Eknath Khadse. Khadse had decided to do away with stamp duty on gift deeds. Before Khadse decision to change the stamp duty, the government was charging 2% of the land value.
The revision was possible by amending section 34 of the stamp duty act and officials say that they aim to collect an additional Rs 200 crore by this. Gift deed can only be made between husband -wife or brother and sister.
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Meanwhile, the section 25 of the act to increase the stamp duty on conveyance deeds in rural and peri-urban areas of the state. Conveyance deed is a legal document which shows that a property has been transferred in the name of another person.
Current the stamp duty on conveyance deeds in gram panchayat area was 3% of the land rate it has been increased to 4% and the stamp duty rate in peri-urban areas which are governed by municipal councils which also include the MMR region of Mumbai has been increased from 4% to 5% the rate for conveyance in the Municipal Corporation areas remains unchanged at 5%.
"We aim to generate an additional revenue of Rs 200 crore," said an official from the revenue department.
In another decision, the government has allowed payment of stamp duty and registration using the electronic secured bank cum treasury receipt (E-SBTR) for denominations for than Rs 100, which earlier was for amount more than Rs 5000. The methods of collection of revenue is considered to be safe as stamp papers can be tampered.
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What is gift deed in blood relation tax?
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.
What is a gift deed father to son?
Gifts of immovable properties from father to son are required to be recorded and signed by either the donor himself or his representative, as well as witnessed by two witnesses. In most cases, the donor does not have to pay taxes on the property donated.
How do I transfer a gift deed from brother to sister?
The section 122 of 1882's Transfer of Property Act should be followed when a gift of immovable is made. The gift must be made by a stamped and registered instrument signed by yourself, accepted by your sibling, and attested by two witnesses. 11-Jan-2016
Is stamp duty payable on transfer of property between family members in Maharashtra?
Stamp duty is therefore waived on transfers of land or flats to family members. 08-Jul-2022
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