Respected members,
I own an ancestral property. I would now like to divide this property into a set of one fifth shares -- to be divided amongst my mother, sister, brother, my father and myself (eldest son).
To do this, I understand a partition deed must now be affected and such a document incurs cost of stamp paper and stamp duty to the government. I have been told that I should pay a value of 1% as stamp duty. If my calculation is correct then I should pay over 15 lakh rupee as stamp duty fee to Govt. for this transaction (GLR value * no. sq. feet * 1 per cent).
This seems like a very large amount just to settle my property in favour of immediate family.
Is there something I am missing? Is there a special dispensation with regards to stamp duty for immediate family?
I also looked into an unregistered partition deed as another way to convey.
Appreciate if members could advise the most cost effective (and legally prudent) path concerning transfer to immediate family.
Thanking you.