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Stamp duty on gift

stamp duty on gift

In presence of, witnesses: Sd/-Donor.
The list of close relatives includes parents, spouse, siblings, siblings of the spouse, lineal ascendants and descendants of the person and his/her spouse.Legal requirements for gift, as per the Transfer of Property Act, the transfer of a house property under a gift, has to be effected by a registered instrument/document, signed by or on behalf of the person gifting the property and should also be attested.Copyright 2016 m All Rights Reserved.In cases where the transfer of property does not qualify as ancestral property, the stamp duty payable was.As.(mention if you are specifically gifting for any purpose viz.However, if the gift deed is executed between some specified close relatives, some states provide concessions in stamp duty.The "objective method of valuation which is applied by the Greek Ministry of Finance, is mainly used for taxation purposes,.g.Many states have implemented the recommendations of the Central Government to rationalize stamp duty to reduce burden on housing related instruments.(The author is a taxation and home finance expert, with 35 years experience).The profits shall be treated as short-term or long-term, depending on whether the aggregate of your holding period as well as that of the previous owner ideas for couples gift exchange who had actually paid for it, is more than 36 months or not.Purchase of house, maintaining himself in his old age, for his own personal needs etc.).
The users should exercise due caution and/or seek independent advice before they make any decision or take any action on the basis of such information or other contents).

Import duties on building materials have been removed, as well as stamp duty on some land transfers.For the same period, an increase in import duty and tariffs, accommodation tax, stamp duty on land transaction, telecommunications taxes and fees, as well as work permit, residency and financial sector fees was anticipated.See also: What is Stamp Duty Rates Charges on Property?The amount of stamp duty and registration charges payable, with respect to a gift deed, are generally the same as in the case of a regular sale.Khadse also added that all such transactions would have to be compulsorily registered with the government.By Accommodation Times News Services, few days before Maharashtra government had decided to waive stamp duty on transfer of immovable property by the owner to an heir or a family member.The registrar shall ensure that proper stamp duty has been affixed on the gift deed/document when it is presented for registration.

For example, Maharashtra has a cap on stamp duty payable on gift of a residential or agricultural property to ones spouse, children, grandchildren or wife of a son who has died, at Rs 200, irrespective of the value of the property.