Gift deed

Nikita (Querist) 04 October 2015 This query is : Resolved
My father wants to transfer a residential home in nagpur to me via a gift deed. Wht is ths current stamp duty n registration charges.

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Nikita (Querist) 04 October 2015
Maharashtra state

Sudhir Kumar, Advocate (Expert) 04 October 2015
ask registrar office

Rajendra K Goyal (Expert) 04 October 2015
Consult local registrar office, differs from state to state.

K.S.Srinivas (Expert) 04 October 2015
Find out from the registrar office relating to your residence.

ABDUL RAZIQUE (Expert) 04 October 2015
As per my knowledge Maharashtra Government recently waive stamp duty on gift deed between the blood relation for more information kindly sees the gazette date
24,April 2015

Dr J C Vashista (Expert) 04 October 2015
Consult local lawyer or Sub-Registrar of your locality.

Nikita (Querist) 06 October 2015
Tried consulting 4 different lawyers. Some say it is 2%.some say it is 6.5 as per normal registry slab. N nobody is sure about the waiver passed by maharashtra act. Acc to one of the lawyers thr is a stay on it in high Court.

Guest (Expert) 06 October 2015
You should have Consulted in Concerned Registrar Office.The' Settlement Deed' would be Ideal in your Case and Much Less Expensive in stamp duty than Gift Deed. Discuss With Concerned Registrar and seek the help and guidance of Senior Document writers at concerned Registrar Office It Self.

T. Kalaiselvan, Advocate (Expert) 10 October 2015
The Maharashtra government has waived off stamp duty on transfer of immovable property by its owner to an heir or a family member. Prevalent norms of the Maharashtra Stamp Act stipulated a stamp duty up to 5 per cent on such transactions.
While the stamp duty payable in cases where a gift is being made to a family member was 2 per cent of the property’s market value (ready reckoner rate), transfer of a property that does not qualify as an ancestral property attracted a levy of 5 per cent. A stamp duty of Rs 200 was also payable on a release deed in respect of an ancestral property.
When it comes to transferring property, a sales deed may not always fit the bill, especially if you want to pass it on to relatives. In such cases, instruments like a gift deed or relinquishment deed can come to your rescue.
Gift Deed: This document allows you to gift your assets or transfer ownership without any exchange of money. To gift immovable property, you just have to draft the document on a stamp paper, have it attested by two witnesses and register it.

Registering a gift deed with the sub-registrar of assurances is mandatory as per Section 17 of the Registration Act, 1908, failing which the transfer will be invalid. Besides, such a transfer is irrevocable. Once the property is gifted, it belongs to the beneficiary and you cannot reverse the transfer or even ask for monetary compensation.