Kapil Gosain (Software) 16 December 2015

Gift deed from son to father - stamp duty required?

Hi I have two questions for the experts.

The property in question is in Mumbai so the Bombay Property Act may apply

1) When a son gifts a property to father, will stampy duty be waived ( as it is waived when father gifts to a son ) ?

2) What is the procedure and cost to cancel a gift deed. Also will both parties have to be present when you cancel a gift deed?

Thanks

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5 Replies

Adv. Yogen Kakade (+ 91 9225510883) 16 December 2015

Hi, Stamp duty will waived.. as the property is gifted to a person with blood relation. Adv. Yogen Kakade Jurycon Incorporation Advocates & Consultants Email: juryconincorporation@gmail.com Web: www.juryconn.in

Laxmi Kant Joshi (Advocate ) 16 December 2015

1- when gift deed is made in between blood relation then you have to pay 1% stamp duty on the total valuation of property and 2% registration charges, consult a local lawyer of your area. 2. Gift deed once done and registered in favour of anyone can not be revoked by the doner .

Kapil Gosain (Software) 16 December 2015

Thanks But I thought that 1% is also waived in Maharashtra for Blood relations

Also can it be revoked by the gift deed benefactor.? Both parties are in consent to cancel the gift deed

Kumar Doab (FIN) 16 December 2015

Many states have waived off the duty in case of blood relations. It has already been posted above that duty is waived off. You may check with local SRO and satisfy yourself.

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 Father, by paying 200/- as Stamp duty and 1% Registration fee on the govt. rateable value of the property.

3. Gift Deed can be rescinded "ONLY & ONLY" by mutual consent of the Donor and the Donee, by filing "Cancellation Deed", subject to various parameters and due procedure of law.

Keep Smiling .... Hemant Agarwal
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