When gift or underwill property share is tr on flat

pooja dedhia (Querist) 17 June 2012 This query is : Resolved
whether there is need to payment of stamp duty after the death of the co-owner of the flat who is the parent.

fact:-
when a individual want to purchase property on the name of his and his parents .
his parents age is already 76.
can if he shows co=owner of the property by 30% & 20%?
if after the death of hi either any parents and as per will , a individual has right over that share,in this case stamp duty is levied & payable?

is income tax attract when some shares are going on the name of the individula?
pl guide in this case from legal point?

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Shonee Kapoor (Expert) 17 June 2012
In case of will or transfer by succession no stamp duty need to be paid, but for transfer by way of gift, same need to be paid.

Regards,

Shonee Kapoor
harassed.by.498a@gmail.com