Pd: how best to mitigate sd when settling to immediate famil


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.

 
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Lawyer in Hyderabad.Email:ramachary64@gmail.com

A partition is by mutual consent, a partition deed is executed by the co-owners. The partition deed is required to be registered at the office of the sub-registrar of the place where the property is situated as in case of any other registration. The stamp duty payable in such a case is Rs.1,000/- for each share of the property further, the registration fee will be Rs.500/- More than one person may jointly own property.

 
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Sir, thank you for your prompt response.  May I know which source you consulted with respect to stamp duty and registration fees?

The properly is located in the Pondicherry UT.

Regards

 

 
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Respected members, I may be permitted to "bump" this thread.

What source should I consult with respect to correct stamp duty fee for preparation of (close) family partition/settlement?

Property located in Pondicherry UT.

 

 

 
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