Sabarinathan 05 June 2016

Stamp duty payable for gift of property among sons

Hi,

My father wants to gift his self earned property (land and building in chennai, tamilnadu) between we two brothers during his lifetime.

what is the correct procedure to be followed? and what is the cost of stamp duty and registration fee to be paid in chennai, tamilnadu?

thanks and regards

Kumar Doab (FIN) 05 June 2016

Visit SRO.

Some states have waived it off.

Sabarinathan 05 June 2016

Originally posted by : Kumar Doab
	Visit SRO. Some states have waived it off.

please tell me What is the proper way gift deed , partition deed or settlement deed??

Kumar Doab (FIN) 05 June 2016

Registered family agreement, gift, sale, partition, WILL etc are the options.

Visit SRO, to inquire charges.

Better engage an able counsel specialzing in family/reveneu/property/civil matters and draft the deed as per your need.

stamp duty payable in TN for :

settlement : in favor of Stamp duty Regn charges

In favour of family members

1% On the market value of the property but not exceeding Rs.10000/-

1% on the market value of the property subject to a maximum of Rs.2000/

Gift : 7% on the market value of the property 1% of the property.

partition:

i) Partition among family memberss	1% on the market value of the property but not exceeding Rs.10000/- for each share	1% subject to a maximum of Rs.2000/- for each share.
ii) Partition among Non family members	4% on the market value of the property for separated shares	1% on the market value of the property for separated shares