Stamp duty & transfer of proeprty to legal heirs

surajp21 (Querist) 19 April 2015 This query is : Resolved

Dear Sir / Madam,

Recently, a news was flashed in the newspaper that "Maharashtra waives stamp duty on transfer of flat or land to heirs." The same can be done the stamp paper of Rs. 500/-

I wish to know:

1) When shall this be effective?

2) Generally to avoid legal hassle afterwards, people purchase the property in joint name. As per my understanding, till date, on removal of joint owner from the agreement or on trnasfer of his share to another joint holder, one had to pay stamp duty.
Whether above decission also applies to this kind of transfer also?

3) In my case, I purchased a property wherein I kept my father as co-owner of the property to avoid legal hassle if bad situation arises. His name appears in the agreement. Whereas I took home loan, repaid etc. Now I want to keep this property in my name only i.e. I wish to remove his name from the property.
Please suggest me the ways in which the same can be done.

Kindly revert.

Regards,
Suraj

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kavksatyanarayana (Expert) 19 April 2015
Stamp duty is reduced on transfer of flat or land to heirs means, the owner of the flat or land can execute a Gift deed in favour of his/her heirs. In your case, your father may execute a Gift deed for his share (if it was purchased by you and your father)or for the entire property in your favour. then it can be done at Rs.500/-.

Dr J C Vashista (Expert) 20 April 2015
Stamp duty is a state subject therefore it would be better to contact and consult a local lawyer.

Rajendra K Goyal (Expert) 20 April 2015
Stamp duty is state subject, consult local lawyer / registrar office.

ajay sethi (Expert) 20 April 2015
notification has been issued now

malipeddi jaggarao (Expert) 20 April 2015
Your father can execute a Gift Deed in your favour. As regards stamp duty Mr.Ajay Sethi is confirming issue of notification. Go ahead.

T. Kalaiselvan, Advocate (Expert) 30 April 2015
As the notification has been issued, you may see how much relief your will get as per your circumstance.