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Vilas Patki (Retired Executive Engineer)     07 January 2016

Stamp duty on a gift deed by son to mother in maharashtra

My son and myself have a Flat in joint name,the son's name being first in the property card(Index II).
My son wishes to Gift this Flat to his Mother,i.e.my wife. How to make a Gift deed for this  Gift transaction ? Secondly, what stamp duty wil have be paid for this Gift Deed with reference to Maharashtra Stamp Duty Act,as amanded in 2015 (which is attached to this query) ? How to interpreat the Section 20(18) of this Amendment wrt my case?



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 3 Replies

Abdul Latif (Sr. Manager-Legal)     07 January 2016

As per my understanding, As the gift is from Son to Mother,hence the Stamp Duty will be Rs. 10 on every rupees five hunderes or part thereof ( equivalent to 2%) on  market value of the property as per First Proviso of Article 34 of Schedule 1 of Bombay Stamp Act.

You have to execute the Gift Deed for gifting the son's property to his mother  and get the same registered with Registrar of Assurance.

Kumar Doab (FIN)     07 January 2016

IN the said clause mother is not covered.

You may make further inquiry from SRO.

Any latest amendment may provide for it and it may be NIL.

 

 

Hemant Agarwal (ha21@rediffmail.com Mumbai : 9820174108)     14 January 2016

1.  The preamble for amendment of the "Maharashtra Stamp Duty Act, 2015", was to make Gift between blood-relatives, at "token" rate of Stamp duty (200/-).

 

2.  Son may duly Gift immovable residential property to biological Mother, by paying 200/- as Stamp duty and 1% Registration fee on the govt. rateable value of the property.

 

Keep Smiling .... Hemant Agarwal

Read Articles: https://hemantagarwal21.blogspot.in/?view=sidebar

 


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