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Stamp Duty on Gift of Residential Property (Mumbai)
28-Aug-2023 (In Property Law)
What is the stamp duty payable on a gift deed of residential property to be gifted to deceased brother's wife (widow) in August 2019 Mumbai?
Awaiting a response Thank you.
Dear Querist, as per the amendment bought in by Maharashtra Government, stamp duty for gift between husband& wife, father/Mother to son/daughter, grand father to grandsone/granddaughter are at 1% of market value of property. In your case who will gift whom?? Any other blood relation will be 3+1 % and others 5+1%.
Regards,
Rakesh V. Misar
Regards,
Rakesh V. Misar
Helpful?
Adv. Rakesh Misar
Mumbai | 200+ Answers
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Is gift deed necessary for blood relation?
When a large sum is gifted, it is important to provide evidence. If registered, cash gift deeds between blood relatives can become legally binding. Cash gift deeds in blood relations are proof that both the donor and the donee know about the transaction and have attested a document confirming the same.
Is there stamp duty on gift to blood relatives?
Stamp duty and registration fees are usually charged on immovable properties gifted. Stamp duty and registration fees can range from 2% to 7% depending on where the immovable property is located. 16 Nov 2023
What is the new stamp act in Maharashtra?
The Maharashtra Stamp Duty was set at Rs. 5,000 for instruments, mortgages and pledges of home loans. According to the Maharashtra Stamp Act, stamp duties on these instruments are currently higher at Rs. 10,00,000 ).
What is the stamp duty for blood relations in Maharashtra?
Maharashtra. Stamp Duty: Rs 200 per residential property and agricultural land; 3% for blood relatives. Registration with local authorities is mandatory, along with the submission of valuation certificates and encumbrance certificate. Stamp duty: 5% for family members and non-family.
This is my response to you:
1. This will incur stamp duty of 5%;
2. This will incur expenses of a regular sale deed;
3. You must discuss more details and then take steps;
4. Consult a local lawyer and take steps.
1. This will incur stamp duty of 5%;
2. This will incur expenses of a regular sale deed;
3. You must discuss more details and then take steps;
4. Consult a local lawyer and take steps.
Helpful?
Adv. Gowaal Padavi
Mumbai | 500+ Answers
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