Gift deed confusion please help.

ajay (Querist) 16 July 2015 This query is : Resolved
Dear Sir,

My mother was executing a gift deed in my name of house registered in her name.

Our lawyer has prepared a gift deed. PLease clarify

1.the stamp duty value as per govt is around say 1 crore.
IN THE GIFT DEED HE HAS WRITTEN AT THE END that' STAMP DUTY VALUE OF THE SAID PROPERTY IS 20 Lakhs.'
I QUESTIONED HIM as to why he has written this and from were he got Rs 20lakh figure to which he replied that it has to be written as set forth value. so i asked him to either write stamp duty value as 1 crore or set forth value as 20lakh or even beetr do not write anything as such.

PLEASEEE HELPPPPP.

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Guest (Expert) 16 July 2015
Meet the Concerned Registrar and Check with him The Stamp Duty and Registration Fee For "Settlement Deed".It will Certainly be Much Lesser than Gift Deed but Legally would make you the absolute owner.Senior Document Writers at the Registrar Office would help you in Drafting and Executing the Same in Perfect Manner.

ajay (Querist) 16 July 2015
Dear SIr ,

i have already advanced the lawyer his advance fees.

kindly please suggets is the lawyer is correct in writtingstamp duty value as 20 lakh and from were he got it??

Guest (Expert) 16 July 2015
Better consult the Registrar Office for the Exact Guide Line Value of your Property and Confirm with him.

Chanchal Nag Chowdhury (Expert) 16 July 2015
U have not stated which State U belong to. Stamp Duty is a State subject generating revenue for the State and as such, it varies from State to State e.g., in Bengal, a gift from mother to son attracts 1/2% of the market value as Stamp Duty.So, check with the local Registration office.

Kumar Doab (Expert) 16 July 2015
Agreed with experts.

Rajendra K Goyal (Expert) 17 July 2015
Stamp duty on gift to near relative is nil in some states, you can confirm in your state. Find out the circle rate of the property, it may be around 20 lacs, if so lawyer is right to mention as 20 lacs.

ajay (Querist) 17 July 2015
Dear Members ,

the stamp duty value is 1 crore.(already valuation query taken out)

then why while drafting gift deed he is writing in gift deed that STAMP DUTY VALUE OF THE SAID PROPERTY IS 20 Lakhs.

he said that 20 lakh is arbitary and he can give any figure as per his wish.

Is there any requirement to mention stamp duty value/set forth value/ market value in gift dded and that too on arbitary basis.He Says it is a format for gift deed AND IRRESPECTIVE OF VALUATION OF THE PROPERTY he has to write 20 lakh.

AGAIN I EMPHASISE THAT THE LAWYER HAS TAKEN OUT VALUATION QUERY AS PER WHICH STAMP DUTY VALUE IS 1 CRORE.

ajay (Querist) 17 July 2015
why on earth do he have to write 20 lakh and what kind of format for drafting gift deed is this?

can i ask him to delete this line altogether or just write stamp duty value is 1 crore.

state is west bengal( but that hardly matters as valuation report is already out)