Stamp Duty Payablr on Gift Deed in Punjab state

Ajay Syal (Querist) 04 November 2009 This query is : Resolved
What is the rate of stamp duty payable in state of Punjab on execution of gift deed in respect of property being gifted by sister to brother?

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Raj Kumar Makkad (Expert) 04 November 2009
In the event of buying or gifting the tax is payable by the person in whose name the property is being transferred @ 12.5% in Punjab. In the case of an exchange, both parties are responsible for transfer. If you delay the payment, you will be liable to pay a penalty of 2% per month on the unpaid amount. This could lead to a maximum penalty of up to 200% on unpaid amount of stamp duty. Stamp duty as to be paid to establish legal ownership of a property as documents not properly stamped are not accepted in court as evidence.

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