07 March 2011
I would like to gift immovable property to my sister by virtue of Gift Deed without any consideration- whether on the same stamp duty is required to be paid as per market value of the property. If not, please also cite some court judgments or relevant sections/articles of law
07 March 2011
Mr.A V Vishal, ass per the Karnataka Stamp Act, where the the property is being sold or gifted there will be no stamp duty on that under section 28 of the Act.
it reads is as follows: 1[28. Gift-instrument of,- not being a settlement (No. 48) or will or transfer (No.52) (a)Where the donee is not a family The same duty as a Conveyance member of the doner. (Article No. 20) for a market value equal to the market value of the property which is the subject matter of gift: Provided that where an instrument of gift contains any provision for the revocation of the gift, the value of the property which is the subject matter of the gift, shall for the purposes of duty be determined as if no such provision were contained in the instrument. 2[(b) Where the donee is a member of Rupees One thousand the family of the donor 576 Stamp [1957: KAR. ACT 34 Explanation: Family in relation to the donor for this purpose means husband, wife, son, daughter, daughter-in-law and grand children]2]1
It looks you are making posts just for sake of arguement. Being a professional you ought to know the difference between two legistations which are enacted separately. It is not what it costs for registering the document. Both are independent of each other. As professionals we have to know law better when we advise our clients.
I don't know that you are belongs to which State or Country. Tanks if you are in India.
I would like to take your suggestion or advice or whatever it is, your advice does not make any difference.
Being a professional you also ought to know the difference between the procedure and transactions in various stats.
I have registered lot of Gift Deeds among the family members where minimum Rs.1000/- paid as registration charges.
I do agree with section 2 of KA Stamp Act and your link.
You have failed understand the difference between stamp duty and registration charges.
Please understand the LAW properly that when gift deed is getting registered with family members the stamp duty does not attract, in that case registration charges is applicable and registration charges will be paid to Govt not stamp duty.
Please open your two eyes properly and go through or read the attached documents and understand.
In first page of attached file - where I have recently registered Gift Deed in Bangalore. In caloum 1 says in Kannada that " Noddana Sulkha" means registration charges - Rs.500 and service charges Rs.210 total Rs.710.
In second page total amount for Gift Deed registration charges including printing charges paid Rs.1,120/-.
I think now you might have clearly understood the difference between stamp duty and registration charges payable on Gift Deed. Being a professional be read and understand the law of land properly before posting or advising to other person. Don not try to confuse the clients and learned members of LCI. Always advice in right manner if other members view wrong and post with smooth manner.
09 March 2011
Calculation of Stamp duty and Registration fee for family members . Family member means family in relation to the donor for this purpose means husband, wife, son, daughter, daughter-in-law and grand children .
1 Fixed stamp duty Rs.1000=00
2 5% Additional Stamp duty on Rs.1000=00. Rs. 50=00
3 2% Surcharge on Rs.1,000=00. Rs. 20=00
Total Stamp duty payable Rs. 1070=00
Stamp duty can be paid by purchasing Non-judicial Stamp papers from Government treasury or write document on plain paper and pay stamp duty in cash or through D.D. in the concerned Sub-Registrar Office.
4 Fixed Registration fee Rs.500=00 . Rs. 500=00
Grand Total Rs. 1570=00*
* (a) Plus copying or Scanning Fee, endorsement, comparing, filing, record of rights and postage fee also chargeable.
(b) Registration fee can be paid in cash or through D.D. in the concerned Sub-Registrar Office at the time of presentation of the document for registration.
The list of documents (enclosures) required to be produced at the time of presentation of the document before the jurisdictional Sub-Registrar