Deven 18 March 2016

Gift deed - help

Hi,

We are two brothers and we own a residencial flat jointly in Pune. I want to gift my portion of share for that flat to him. I dont plan to have any access/ownership to that property in future. Would appreciate if someone could help on below queries -

1) Can you please help me understanding the gift deed amendment recently passed in Maharashtra?

2) Would there be any stampduty and other charges I need to pay, If yes, can you please help on sharing those numbers?

3) There are multiple threads however I am not able to fingure if I need to pay more on stamp duty or not?

4) Anything from future perspective need to be taken care while drafting deed document?

5) Any other complexity from tax perspective. I understand that gift deeds doesnt bring any tax, please confirm.

Thanks

Deven

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Adv. Deepak (Advocate) 19 March 2016

By the recent amendment in Maharashtra, stamp duty on Gift Deed to wife, husband, daughter, son, brother, sister, mother, father, grand father, grand mother, grand daughter, grand son, is waived off. So, if you want to gift your portion of the flat to your brother, you will be required to pay stamp duty of Rs.500 plus 1% registration charges on the amount of market value after deducting depreciation, and 1% LBT. You need to mention in the deed that from the date of execution of the deed, all the government dues and municipal taxes, etc. shall be borne by your brother.