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Taxes and charges for gift deed of property from father to son
07-Mar-2023 (In Property Law)
My father want to give flat as gift to his son. How much is stamp duty and lbt taxes and other charges. For making gift deed in blood relation Hindu
Dear client,
As per your query, If flat is in Maharashtra then stamp duty will be Rs. 200/- + registration fees will be Rs. 200/-+ scanning charges (depend on pages of gift deed. Scanning charges are as per per page charges).
And talking about LBT, it is excluded in Mumbai City and Mumbai Suburban District.
But 1℅ LBT is applicable on market value of flat to:-
1) Maharashtra Municipal Corporation Act, (In other Municipal Corporation Limits (LBT) Local Body Tax) is applicable.
2) Municipality / Municipal Council / Nagar Panchayat Limits
3) Zilla Prishad Limits.
So LBT is applicable to you or not is depend upon where is flat (which iswilling to gift) situated.
Even your flat is in Nagpur then again you have to add 0.50℅ LBT more + 1℅ LBT, so total LBT will be 1.50℅ on market value.
As per your query, If flat is in Maharashtra then stamp duty will be Rs. 200/- + registration fees will be Rs. 200/-+ scanning charges (depend on pages of gift deed. Scanning charges are as per per page charges).
And talking about LBT, it is excluded in Mumbai City and Mumbai Suburban District.
But 1℅ LBT is applicable on market value of flat to:-
1) Maharashtra Municipal Corporation Act, (In other Municipal Corporation Limits (LBT) Local Body Tax) is applicable.
2) Municipality / Municipal Council / Nagar Panchayat Limits
3) Zilla Prishad Limits.
So LBT is applicable to you or not is depend upon where is flat (which iswilling to gift) situated.
Even your flat is in Nagpur then again you have to add 0.50℅ LBT more + 1℅ LBT, so total LBT will be 1.50℅ on market value.
Helpful?
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Adv. Seema Vithal Mangaonkar
Mumbai | 25+ Answers
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Dear Cleint,
Gift by father to son attracts a Stamp duty of Rs.200/- and LBT of 1% of the market value of the said flat as given in the ready recknor issued by the office of the Collector of stamps and registration fees of Rs.200/-
Gift by father to son attracts a Stamp duty of Rs.200/- and LBT of 1% of the market value of the said flat as given in the ready recknor issued by the office of the Collector of stamps and registration fees of Rs.200/-
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Adv. Rozario John
Pune | 100+ Answers
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A gift deed is valid & can be registeesonly when the transactions are made with between the blood relationship..
Stamp duty involved in the preparation of gift deed.. Rs. 200/-
And the final cost of drafting & registration will be decided..
Stamp duty involved in the preparation of gift deed.. Rs. 200/-
And the final cost of drafting & registration will be decided..
Helpful?
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