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sumalkutti (Accountant)     18 June 2012

Stamp duty law on family property partition

Dear All

 

Please advise me on the following

My dad died 8 months back and he had left some property which we all sisters are sitll soughing out to partition among ourselves. we are to execute a partition deed and register it. Our auditor and lawayer are adivising us to hurry as the stamp duty act in Tmail nadu is to cahnge and it is waiting for President approval.

We need some more time to take a concrete decision and settle among ourselves. Please advise is that new law will be passed anytime in Tamilnadu !! and what is the new change in that law.

 

 



Learning

 4 Replies

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 )     18 June 2012

Miss. Sumal,

A Partition Deed can be executed between the parties. Stamp duty and registration charges are nominal if the partition is constructed to be executed between the members of a family. There is so me difference in practice, in interpretation of whether brother and sister would fall under the term ‘members of a family’. Considering the practical aspects, it is better to obtain professional consultation for the same.

1 Like

v.sudhakar (owner)     18 June 2012

 between family members there is partition schedulde which cost only 10000rs per schdulde. according to number of  sisters it can be taken. ie if u r 3 sisters it can be 30000rs only

v.s

9444991031

sumalkutti (Accountant)     18 June 2012

Thanks but is there going to be any amemendment in the stamp duty act where the the concessional value of 10000 rs will be removed. They say it is waiting for Presidential confirmation and anytime it will be passed in Tamilnadu. Please advise. If so how will it calculated ?

Thanks in advance 

v.sudhakar (owner)     20 June 2012

that will be 1% of market value ,u have to spend. otherwise it can be done through court also ,it will cost around 10000rs only. it can be registered in register office also

v.s 9444991031


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