Gift deed total tax in thane

Sandesh (Querist) 07 January 2019 This query is : Resolved
My mother who is alive wants to transfer her thane flat on my name. How much total tax i need to pay if she is making a gift deed.. Property is 20 years old.

Recently there was a news in Newspaper of High Court Ruling Regarding No stamp duty to paid for resale flats will this be applicable in my case.

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kavksatyanarayana (Expert) 07 January 2019
No. You have to pay gift tax. For tax details consult local CA.

Kumar Doab (Expert) 07 January 2019
If the said HC ruling covers your case then appraise the jurisdictional authority under whose jurisdiction flat falls e.g; Society , in your state and also relate with applicable laws/rules/Bye laws/Co- Op Act etc.

The duty/fee/charges Gift among blood relatives may be negligible.
Check from LOCAL SRO.

P. Venu (Expert) 08 January 2019
What is the point of concern - gift tax or stamp duty on gift deed?

Dr J C Vashista (Expert) 09 January 2019
Stamp duty is a State subject, therefore, it would be better to consult a local lawyer.

Hemant Agarwal (Expert) 24 February 2019
1. In Maharahtra, Gift Deed can be executed by Mother in favor of son as follows:
a) Stamp Duty: 200/-
b) Registration Fees: 200/-

2. Gift Tax not applicable from Mother to Son, in case of immovable properties, of any value and any tenure.

Keep Smiling .... Hemant Agarwal
VISIT: www.chshelpforum.com

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