Amit (cio) 13 May 2015

Transfer of property from mother to son

My mother is having residential property in Mumbai. She wants to transfer the property to my name by way of Gift Deed. Market value of property

What will be the Stamp duty , Registartion & Society Transfer Fee for Transfering Property between Family members.

1. As per new rule Stamp duty for transfer between family members by gIft deeed is Rs 500 only. Is it Correct.

2. If Registration fee is 1% then as per Market value it come to Rs 80,000/- but i have heard that there is a ceiling of Maximum Rs 30000/- So what will be regsitration fee Rs 80,000/- or Rs 30,000/-

3. Society Transfer is generally Rs 25000/- but as per new Bye Law the Transfer fee for Family Transfer is Rs 500/-. If Society is adopting Old bye law then can they charge Rs 25000/- as Transfer fee. Which years bye law states the transfer fee is Rs 500 for family transfer and do all society have to adopt new bye laws or can they follow old bye laws and charge Rs 25000/- for transfering flat between family.

Please reply

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2 Replies

bsrao 13 May 2015

Stamp duty is 2% of the market value of the property. The registration charges payable would be 1% of the market value of the property, subject to a cap of `30,000. The gift deed need to be notorized before registration. The society transfer depends on your society.

Amit (cio) 13 May 2015

Dear Rao Sir Thanks for your reply. But i still have few queries :

1. Stampduty is only Rs 500 for Transfer Between Family ( Date : 26 March 2015 , Ref : MUMBAI: Immovable property — land, house or flat — can now be transferred to one's children or blood relatives without paying stamp duty for registration. ). I want to know if its correct

2. In Society Transfer fee / Premium for Family is not applicable as per Society Bye law notification dated 15 October 2011 Section 3.10 clause 14 Transfer premium is not necessary for deceased member, mutual transfer among two members of the society or transfer among family members.. Can society charge Transfer fee / Premium of Rs 25000/- or transfer amon family please let me know