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What will be the cost of transfering property to a offshore company
22-Jul-2023 (In Property Law)
The property we've recently bought is owned currently by myself and my wife and the registration documents bears our names. However, we'd like to transfer ownership of the property to an existing British Virgin Island off-shore company which we are both owner/ Directors. I'm wandering what it would cost to make this happen?
Transferring property which is held in personal name in the name of the Company will be considered as Sale of Property and hence, stamp duty @5% and applicable registration fees will be applicable. Further you also need to consider taxability of the transaction and further even FEMA Regulations will be applicable. We can advise you appropriately only after reviewing and understanding the entire transaction.
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Adv. Bankim Mehta
Mumbai | 200+ Answers
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This is my response to you:
1. You will have to pay the capital gains tax;
2. Then you will also have to pay the stamp duty rates prevalent in the UK;
3. Under Section 53 of the Finance Act of 2003 for transfers between an individual and their company the chargeable consideration for such transfers will be not less than the market value at the effective date;
4. Legally you shall not face any problem and an advocate or solicitor will do the conveyancing easily;
5. It is better you also speak to a tax specialist and do the calculations well in advance.
1. You will have to pay the capital gains tax;
2. Then you will also have to pay the stamp duty rates prevalent in the UK;
3. Under Section 53 of the Finance Act of 2003 for transfers between an individual and their company the chargeable consideration for such transfers will be not less than the market value at the effective date;
4. Legally you shall not face any problem and an advocate or solicitor will do the conveyancing easily;
5. It is better you also speak to a tax specialist and do the calculations well in advance.
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Adv. Gowaal Padavi
Mumbai | 500+ Answers
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It depends upon the value of the property. Every transfer of property involves agreements/deeds which need to be registered by paying stamp duty as per stamp act. Different states have different Stamp Acts. So it also base on where the property is situated and it involves lots of paper work. Kindly book a consultancy call and give more details regarding the property.
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