What is the stamp duty of making Gift Deed in Mumbai
30-Mar-2023 (In Property Law)
In Mumbai, the stamp duty for making a Gift Deed from parents to children depends on the market value of the property or asset being gifted, as determined by the Ready Reckoner rates issued by the Government of Maharashtra. The stamp duty and registration charges for a Gift Deed are governed by the Maharashtra Stamp Act, 1958.
As per the current rates, the stamp duty for making a Gift Deed from parents to children in Mumbai is as follows:
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If the market value of the property or asset being gifted is up to Rs. 30 lakhs, the stamp duty is 1% of the market value.
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If the market value of the property or asset being gifted is between Rs. 30 lakhs and Rs. 75 lakhs, the stamp duty is Rs. 30,000 plus 2% of the market value exceeding Rs. 30 lakhs.
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If the market value of the property or asset being gifted is above Rs. 75 lakhs, the stamp duty is Rs. 1.75 lakhs plus 3% of the market value exceeding Rs. 75 lakhs.
In addition to the stamp duty, registration charges of 1% of the market value of the property or asset being gifted, subject to a maximum of Rs. 30,000, are also applicable. It is important to note that these rates are subject to change, and it is advisable to check the current rates at the time of making a Gift Deed.
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Regards,
Rakesh V. Misar
between father_ mother to son _daughter as per amendment in maharashtra stamp act art 34 stamp duty is 3 percent on government valuation i.e. ready rek..&1 percent registration fee as per valuation or 30000 fix slab
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To know more, you may refer to LawRato’s LawGuide on the laws regarding Gifts.
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
rupesh
There is no clarity in all the lawyer's responses above. Are 200 INR stamp duty charges for the property transfer from mother to son in Mumbai, right?
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