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Transfer/Exchange of flats of same value between daughter nd father
28-Sep-2023 (In Property Law)
Transfer/Exchange of flats of same value between daughter nd father and second one from father to dautghter in thane what will be stamp duty registration will it be considered in the act where there concession of stamp duty and registration for blood relation
Dear Sir/Madam,
Exchange of property is defined under section 118 of the Transfer of Property Act. The Stamp duty payable in case of a exchange is on the value of the two properties being exchanged which ever is higher, it is very unlikely that both the properties would be having the same ready recogner value/market value and consequently the stamp duty would be applicable on the value of the flat which ever is higher which will have to be paid equally by the parties. The Provision of concession of stamp duty is applicable only in case of a transfer of a land, flat, immovable property to a legal heir on a stamp paper of Rs. 500, this provision would not be applicable in case of your exchange as the transaction involves transfer of properties intervivos between you and your daughter.
Exchange of property is defined under section 118 of the Transfer of Property Act. The Stamp duty payable in case of a exchange is on the value of the two properties being exchanged which ever is higher, it is very unlikely that both the properties would be having the same ready recogner value/market value and consequently the stamp duty would be applicable on the value of the flat which ever is higher which will have to be paid equally by the parties. The Provision of concession of stamp duty is applicable only in case of a transfer of a land, flat, immovable property to a legal heir on a stamp paper of Rs. 500, this provision would not be applicable in case of your exchange as the transaction involves transfer of properties intervivos between you and your daughter.
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Adv. Mohammed Zain Khan
Mumbai | 100+ Answers
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Yes definitely. when father gifting it to her daughter then only 200 rs DD and 1% LBT is put for the transfer of that property. While for exchange of flat between the sister u need to pay full stamp duty .
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Adv. Bharat Pandirao Pawar
Pune | 500+ Answers
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