Stamp duty on gifted property

BHAVESH (Querist) 26 October 2017 This query is : Resolved
Hi , I wanted to purchase flat from my brother . However I am taking loan on that for partial payment .Can I get into Gift deed to avail some benefits on tax and stamp duty . Pls suggest .

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Rajendra K Goyal (Expert) 26 October 2017
Bank finance for purchase of property would not be available in case of gift.

In some states gift from near relative is stamp free, please check the position in your state.

Hemant Agarwal (Expert) 26 October 2017
1. IT would be a criminal offence for evasion of Taxation /Duties, "IF" a Sale-Property is declared as Gift-Property, more so since Gift shall always be "without" monetary consideration.

2. CIRCUMVENT: Ask brother to take Loan and subsequently Gift the Property to you, with NOC from Lending Bank, wherein the residual Loan would be simply transferred to you.

Keep Smiling .... Hemant Agarwal
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