What is the tax implication on the transfer of immovable property, as gift, without any consideration in Mahahrashtra??
Stamp duty payable on market value of property as conveyance. If gift to close relatives as defined in the stamp act, stamp duty payble at reduced rate of 2% of market value.
no gift tax in hands of donor. in the hands of recipient, if the gift is not from relative, market value of property treated as income from other sources.
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