Gift deed to wife

navin (Querist) 07 August 2013 This query is : Resolved
I HAVE bought a self earned property in rajajingr banglore about 20 years back.
now i want to gift deed this property to my wife to avoid future litigations as my health is upset.i herd that only blood relation can gift the property or else gift will result in more stamp duty?what will b the stampduty in karnataka?

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prabhakar singh (Expert) 07 August 2013
Wife also comes in same category.The exact amount would have to be ascertained from office of subregistrar which,i expect, should not be greater than 2% of value of the property to be gifted.

Raj Kumar Makkad (Expert) 08 August 2013
You can easily make gift ded in favour of your wife without paying the additional stamp duty as you heard.

Rajendra K Goyal (Expert) 08 August 2013
Agree with the experts. Making a will(better registered) is another option.

Anirudh (Expert) 08 August 2013
In terms of Art. 28 of the Schedule to the Karnataka Stamp Act, Gift Instrument where the donee (recipient of the gift) is a family member (father, mother, husband, wife, son, daughter, daughter-in-law, brothers, sisters and grand children are family in relation to the Donor) a stamp duty of Rs. 1000/- is payable.