Gift deed query

service

a flat is to be gifted by father to son. Gift deed does not mention about market value of the flat.

1. Is it necessary to mention market value of the flat in gift deed?

2. How market value shall be determined for calculation of stamp duty? 

 

pls guide

 
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practicing advocate

it is not necessary to mention the market value of the property.  Valuation will be made according to the sub registrar, who has got direction from the govt., to value the property.  There will one book which contains the govt., valuation according to the area.  On that base he will valued the property and inaccordance with that you will have to pay the stamp duty.


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