Transfer of flat to mother as gift
Natasha Prakash Bankeshwar
(Querist) 16 July 2016
This query is : Resolved
I understand that the Maharashtra Government has waived stamp duty on immovable property (including residential Flat) transferred to heirs or progeny OR relatives as GIFT. My daughter, Natasha, holds a Flat which was bequeathed to her under the last Will and Testament of her grandmother (proved and registered before the Hon’ble High Court). My daughter now wants to transfer her said Flat to her mother as Gift. I would, therefore, like to know: (1) whether any stamp duty is payable under the Bombay Stamp Act, 1958, on such transfer of Flat, and at what rate? (2) whether stamp duty is waived on such transfer of Flat under the Bombay Stamp Act, 1958, and from which date has the waiver on such transfer of immovable property come into effect? Thank you. Regards, Prakash Bankeshwar (For Natasha Bankeshwar).
Kumar Doab
(Expert) 17 July 2016
Not a legal problem.
The rates can be inquired from the authority.
Or local lawyer.
Rajendra K Goyal
(Expert) 17 July 2016
Stamp fee differ from state to state, discuss / consult local registrar office / local lawyer.
Ms.Usha Kapoor
(Expert) 06 August 2016
Dear Client,
As per the below given notification of the Maharashtra Government no stamp duty is payable if registered gift is transferred between two close blood relations no stamp duty is payable under BombaY sTAMP aCT.
Published On: Tue, Apr 28th, 2015 Headlines / Legal / Real Estate News | By Staff Reporter
No Stamp Duty required for registration of Gift Deed between blood relatives
SHARE THIS
Add to Delicious Share on FriendFeed Digg submit to reddit
TAGS
Stamp Duty
By Accommodation Times News Services
stamp duty and registerationFew days before Maharashtra government had decided to waive stamp duty on transfer of immovable property by the owner to an heir or a family member. The decision was announced by Revenue Minister Eknath Khadse in the Legislative Assembly. Khadse also added that all such transactions would have to be compulsorily registered with the government.
In the norms prevalent a 2% duty on the property’s market value (ready reckoner rate) was payable in cases where the property was being gifted to a family member, under the Maharashtra Stamp Act. In cases where the transfer of property does not qualify as ancestral property, the stamp duty payable was 5%. This is along with a stamp duty of Rs.200 on a release deed with respect to an ancestral property.
Government has issued the notification regarding the amendment in the Maharashtra Stamp Act Amendment bill 20/2015, on 24th April, 2015, as per the notification the waive stamp duty on transfer of immovable property by the owner to an heir or a family member, will be applicable w.e.f. 24th April, 2015.
Find the copy of Notification from below link:
http://igrmaharashtra.gov.in/pdf/GazetteSearch.pdf
141050
