Shweta (Lawyer) 26 October 2010

Stamp Duty

Hi,

My client bought a 1 BHK for his mother at Talegaon(Maharashtra) at 5.5 Lakh. Both the parties live in Mumbai at present. My client took a loan to purchase this flat, hence the flat is in his name. Now he wishes to pay the entire loan to the bank and transfer the flat in his mothres name. The present valuation of the flat is approximately at 7.5-8 Lakhs. Can somebody tell me what is the procedure for transfer, and how much would be the stamp duty and and transfer charges that would be incurred.

Regards

Shweta Prabhu

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3 Replies

R.Ramachandran (Advocate) 26 October 2010

Dear Swetha,

Being a Lawyer you should know that the immovable property (Flat in this case) can be transferred to another person by way of - Gift, Sale Deed etc.

In this case, I do not think that your client would be getting any consideration from his mother for transferring the flat in her name. Therefore, it would be a Gift Deed. Gift Deed would involve lesser stamp duty compared to outright sale deed.

Shweta (Lawyer) 26 October 2010

Mr. Rachandran,

I am aware that the above mentioned property can be transfered vide gift deed. What i need to know is the procedure and the stamp duty amount since even though gift deed attracts lower stamp duty, the amount has to be still catculated.

Regards

Shweta

R.Ramachandran (Advocate) 26 October 2010

In that case you should have asked the straight question as to what is the stamp duty payable on a Gift Deed. In any case, for this you have to ascertain from the Sub-Registrar's office since the rates vary from State to State.