gift deed

ashu (Querist) 22 February 2015 This query is : Resolved
My uncle wants to give me his Mumbai's flat to me by gift deed.he is only owner of that flat.he is my mothers elder sisters husband.may i know how much percentage of stamp duty for gift deed?

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kavksatyanarayana Online

(Expert) 22 February 2015
@AUTHOR, THE DUTY LEVIABLE SAME AS ON CONVEYANCE I.E. FOR CORPORATION AREA AT 5%, MUNCIPAL COUNCIL AT 4% AND GRAM PANCHAYAT AREA AT 3% ON THE MARKET VALUE OF THE PROPERTY WHICH IS GIFTED. HOWEVER CONSULT IN LOCAL SUB REGISTRAR OFFICE TO ASCERTAIN STAMP DUTY AT MUMBAI.

ajay sethi (Expert) 22 February 2015
stamp duty would depend upon market value of flat as per ready reckoner rates in mumbai . you have to pay 3%stamp duty plus regsitration charges of gift deed

Rajendra K Goyal (Expert) 22 February 2015
Stamp duty differs from state to state on market value / circle rate . Confirm from local registrar office.

T. Kalaiselvan, Advocate (Expert) 25 February 2015
Well advised by experts, you may follow and calculate the stamp duty payable as per the advise rendered by expert Mr. Ajay Sethi.

ashu (Querist) 03 March 2015
May i know documents required for gift deed.is there require society's NOC?

ashu (Querist) 08 March 2015
Is gift deed taxable for donor and donee? When there is no blood relationship between donor and donee.

Anirudh (Expert) 08 March 2015
In the above case, the recipient does not qualify as a 'relative' in terms of explanation under sec. 56 of the I.T. Act.
Therefore in terms of Sec. 56, where any immovable property is received by a person without consideration, the stamp duty value such property will be taken to be 'income from other sources' in the hands of the recipient and taxed accordingly. There will be no tax in the hands of the uncle who is the donor.