Stamp duty for partition deeds with in the family in chennai (Property Law)

This query is : Resolved

Author : gopalaswamyb

PRO CHAT CALL

Posted On 20 August 2012 at 18:45

Earlier based on the registered will family members partitioned the properties without paying any stamp duty .then this was fixed as 1% or 4% maximum of 10,000/- or so .
After this budget it is not clear whether this was abolished or not. I would like to know whether Partition done during 1996 or earlier without stamp paper with in the blood relations as per will ( rothers)will be valid to day since the rules have changed or this has to be changed from time to time as and when rule changes
Is it based on guide line value or by the property valued by corporation since there is no money involved. gain in capitalcan any one pl guide

Expert : M V Gupta

PRO CHAT CALL

Posted On 22 August 2012 at 20:03

A deed of partition of immovable properties always attracts advelorem stamp duty and is required to be in writing and registered. Otherwise the title to the properties is not complete. Stamp duty is required to be paid as per the duty in force at the time of executing the document on the then market value of the property. Once it is so paid the document continues to be valid not withstanding future changes in the duty.