Cost of gift deed from me to my wife

Querist : Anonymous (Querist) 10 February 2011 This query is : Resolved
Hi,
Myself and my father are joint owners in a commercial shop located in a mall at Agra. The mail is built by a known builder. Cost of the shop is 20L.

* Can I gift my share of the shop to my wife? Father could be stay as joint owner. But if necessary (and there is no other way) then both of us (joint owners) are ready to gift it to my wife.

* What will be the cost of gift deed?

Is it same if the mall is in Gurgaon (same joint owners, same builder)?

Thanks in advance.

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Parveen Kr. Aggarwal (Expert) 10 February 2011
You can either gift your share to your wife or you and your father both can gift the entire shop to your wife. There is no legal bar in any of the two.

You will have to execute and get registered a gift deed and the gift must be accepted by your wife.

Stamp duty is payable on gift deed at the rate prescribed in schedule of the concerned state. The Schedule I appended to the Indian Stamp Act, 1899 has been substituted by almost all the states in India with their own.

Querist : Anonymous (Querist) 11 February 2011
Thanks Mr. Praveen Kr. Aggarwal.

I would be thankful if you could give an approximate amount, a range, ....... for the cost of gift deed in my case.

A V Vishal (Expert) 11 February 2011
The rate of stamp duty in Gurgaon for a gift deed is @ 3% in Rural areas and @ 5% in urban areas of the stamp duty value of the property. This is excluding the registration charges and other expenses. It is advisable to visit the SR office and ascertain the correct amount.

Parveen Kr. Aggarwal (Expert) 11 February 2011
The percentage referred to by Mr. A. V. Vishal is on the collector's rate of the property.

Querist : Anonymous (Querist) 11 February 2011
Thanks all.

Is it not possible to give an approx. figure? For example, Rs. 10000, 20000, 30000, ....

Actual cost of the shop (as paid to the builder) as I said is 20L and this is also same in the registry. Let's imagine that the market value is also same.

I am just looking for a very high level cost estimate (round figure).

Parveen Kr. Aggarwal (Expert) 14 February 2011
5% of Rs. 20L will be Rs. 1L.

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