Maharashtra stamp (amendment) act, 2015-transfer of shares by way of gift

Girish Chawla (Querist) 17 May 2017 This query is : Resolved
Respected Lawyers,

I am based out of Maharashtra, i, being the nephew, intend to gift shares of a listed company to my Uncle (partly) (My Mother's Brother) and my Aunt (partly) (His spouse), who are again based out of Maharashtra. could you please guide me as to how much stamp duty shall be payable, considering following points;
1. Does the concession in Stamp Duty cover transfer of Shares
2. Does the above mentioned transferor and transferee be called Relatives under the Maharashtra Stamp (Amendment) Act, 2015

Further could you please also guide me w.r.t. place of registration of Gift Deed in Maharashtra, Mumbai, in specific

Regards,
Girish Chawla

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Dr J C Vashista (Expert) 18 May 2017
Consult a local Lawyer for stamp duty on transfer of shares.
Gift deed shall be done where immovable property is situated and/or where the parties (either) reside or work for gains.

Guest (Expert) 18 May 2017
Agree with Dr.J.C.Vashista

Hemant Agarwal (Expert) 18 May 2017
1. "concession in Stamp Duty" under Maharashtra Stamp (Amendment) Act, 2015, covers "ONLY" "immovable properties" (Land, House, Mountain, Well, Mango Tree ....) in Maharashtra area.

2. "concession in Stamp Duty" under Maharashtra Stamp (Amendment) Act, 2015, DOES NOT cover "movable properties" (Shares, Debentures, Gold, Platinum, Watches .... )

3. "concession in Stamp Duty" under Maharashtra Stamp (Amendment) Act, 2015 "IS APPLICABLE ONLY TO" absolute "near and dear blood relatives". (Husband, Wife, Son, Daughter, Mother, Father ....). PERIOD.

4. "Place of Registration" is the place where the properties are in location. A Gold jewellery is in Bandra area, THEN the Place of Registration" shall be "office of registrar of sub-assurances" in Bandra. With the advent of Digital-India, Registration is also possible anywhere within the State jurisdiction, subject to various parameters.

Keep Smiling .... Hemant Agarwal
VISIT: http://www.maharashtra-society-help-forum.com

Kumar Doab (Expert) 18 May 2017
Agreeing with Dr.J.C.Vashista, Mr. Hemant Agarwal.

You have got illustrated response.

Kumar Doab (Expert) 18 May 2017
Mr. Hemant Agarwal is at your location.

You can benefit from his counsel.

Rajendra K Goyal (Expert) 18 May 2017
This being a gift of property gift tax is applicable as per Income tax Act.

Registration of such gift deed may not be mandatory with the registrar.

Discuss in detail with your tax consultant / lawyer.

Girish Chawla (Querist) 18 May 2017
Thank you Mr. Agarwal and other respected members for your appropriate guidance, it was really helpful.

Regards,
Girish Chawla