valuation of the property

This query is : Resolved 

19 December 2009

Dear sir
My mother is likely to acquire two row houses through sucession of his brother since he expired on april. The query is to understand the valuation since we had paid some money as a bond in the court proceeding based on the paper value in which it was originally
purchased on 1996 thinking that my mother who is the only sister with blood relation and my uncle being unmarried when he expired and she will be acquiring this as a gift.
But now we had got a letter from the collector office in chennai stating that they will be visiting to confirm the value mentioned .\
pl give your expert advice if my mother is to acquire the property through gift is it that we have to revalue it as per present value and its locality and pay the defecit amount or what we had initially paid as a bond based on the purchased document is correct pl reply


V R SHROFF (Expert)
24 January 2014

Yes, for that purpose, present Market Value applicable

ajay sethi (Expert)
24 January 2014

for execution of gift deed stamp duty would be 2%of market value of property

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