Prabhas Saxena (Member) 02 January 2020

Property gift without consideration blood relatives madhya p

I want to know about Stamp duty and related expenses if a plot located in Bhopal madhya pradesh, is to be gifted without consideration, by one sister to another sister. Other suggestions by experts to minimise the cost for this transaction, is highly appreciated.

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This discussion explores the stamp duty and associated costs when a sister gifts a plot of land in Bhopal, Madhya Pradesh, to her sister without monetary consideration. Experts suggest that while a gift deed incurs stamp duty based on market value (around 1% or 2.5% for family members as per MP Stamp Act 2015), a will deed could avoid stamp duty but offers a less secure title during the donor's lifetime.

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Real Soul.... (LEGAL) 02 January 2020

you mean to say monetary consederation,even if property is transferred out of love and effection ny way of a gift deed ,that attacrts the relevant stamp duty as per the valuation and assesment.; i think 1% of the market value of the property.

That is cheaper and or if the property is owned by the lady she can make a will deed with no stanp duty ,but gift deed conifers better title that too during the life time,where as will is implemented aftet the death.

kavksatyanarayana (subregistrar/supdt.(retired)) 02 January 2020

As per schedule 1a of IS Act of Madhya Pradesh, 2015 the stamp duty for gift to family members (father, mother, son, daughter, brother and sister) is 2.5% on the value of Market value of the property.

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