When gift or underwill property share is tr on flat (Property Law)

This query is : Resolved

Author : pooja dedhia

PRO CHAT CALL

Posted On 17 June 2012 at 16:23

whether there is need to payment of stamp duty after the death of the co-owner of the flat who is the parent.

fact:-
when a individual want to purchase property on the name of his and his parents .
his parents age is already 76.
can if he shows co=owner of the property by 30% & 20%?
if after the death of hi either any parents and as per will , a individual has right over that share,in this case stamp duty is levied & payable?

is income tax attract when some shares are going on the name of the individula?
pl guide in this case from legal point?

Expert : Shonee Kapoor

PRO CHAT CALL

Posted On 17 June 2012 at 18:45

In case of will or transfer by succession no stamp duty need to be paid, but for transfer by way of gift, same need to be paid.

Regards,

Shonee Kapoor
harassed.by.498a@gmail.com

Author : pooja dedhia

PRO CHAT CALL

Posted On 17 June 2012 at 20:28

thank u.............