Stamp duty on gifted property

Querist : Anonymous (Querist) 25 October 2017 This query is : Resolved
Hi , I want to purchase my brother's (blood relation) flat , for which I had done partial payment to him ie around 70% ,for remaining 30 % , I am taking home loan ... Now my query is that since the property is of my brother , can we make gift deed OR do i need to make new sale agreement ? Pls help since based on this , I will have to arrange for stamp duty .

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Rajendra K Goyal (Expert) 25 October 2017
No advice from me to an author who is anonymous.

You can post the query in fresh thread with your identity and material facts.

Guest (Expert) 25 October 2017
First Annonymous
Second, you did not mention state
Better post separate query

Guest (Expert) 25 October 2017
For the Purpose of Bank Loan executing a :"Sale Deed " would be the best option.

kavksatyanarayana (Expert) 25 October 2017
You are purchasing the property for consideration though seller is brother to you. so it is best option to go for Sale deed as advised by Expert Mr.Rajkumar alias Narasimha ji.

Ms.Usha Kapoor (Expert) 26 October 2017
I'm OF THE OPINION THAT for CERTAIN Specified Relatives gift tax is exempted and stamp duty concessions are given according to IT ACt. 1961. So if you execute registered gift deed between you two brothers you can avail of all the above benefits rather than a sale route.

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Ms.Usha Kapoor (Expert) 26 October 2017
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