Gift deed registeration or not?
Pankaj
(Querist) 12 September 2011
This query is : Resolved
author : Anonymous
Posted On
12 September 2011
Sir,
i want to make gift deed of immovable property.i.e flat.
market Value is 1 crore and book value is Rs. 9 lacs
and consideration is nil.
area is 1000sq. feet , superbuild up
and has a ownership system.
MY QUESTIONS TO U IS
at what percentage stamp duty will be levied? it is mandatory?
Transerer is brother of proposed transferee.
it is in mumbai , at malad (west).
whether it should be registered with court ?
R.Ramachandran
(Expert) 12 September 2011
The stamp duty is payable on the market value of the property (i.e. the rate fixed by the Government for that locality).
The exact rate of stamp duty applicable has to be ascertained by you from the Registrar's office or from a local lawyer/property dealer.
Unless the GIFT DEED is registered in the office of Sub-Registrar (not Court), it has no validity in the eyes of law.
prabhakar singh
(Expert) 12 September 2011
i agree with Expert : R.Ramachandran
Advocate M.Bhadra
(Expert) 12 September 2011
For valuation and registration of property you should contact with Local Sub-Registrar where the property is situated.Stamp duty for Deed of gift may vary from State to State.
Raj Kumar Makkad
(Expert) 12 September 2011
If you are insistent gift then deed is required to be registered and stamp duty is required to be affixed thereon as per prevailing rates to be ascertained from office of Registrar of Malad but if your brother files a civil suit against you of family settlement then it can be without any stamp duty. Consent decree may be obtained from civil court.
