My mom desires to present an immovable property situated in Rajkot, Gujarat, to me. What are the stamp obligation registration costs relevant in Gujarat for this present deed? I’ve a sister who creates issues within the household. My mom has already written a registered will in favour of me. Will I be required to pay full stamp obligation? Can the present deed be made on a stamp paper of 100.
—Mehul A. Gandhi
Whereas answering this question, we’re assuming that the property that your mom desires to present to you shouldn’t be ancestral property. We’re additional assuming that your mom is a Hindu and is ruled by the provisions of the Hindu Succession Act, 1956.
The stamp obligation payable in Gujarat is ruled by the Bombay Stamp Act, 1958 as relevant to the State of Gujarat. As per Article 28 of Schedule I of the stated Act, the stamp obligation payable on a present deed is 3.5% of the market worth of the property being gifted. As per the provisions of the stated Act, you may’t execute a present deed on a stamp paper of 100. The bequest made to you in your mom’s will, will solely take impact after her demise and has no bearing upon the quantity of stamp obligation payable in case your mom decides to make a present of the property to you throughout her lifetime.
Part 17 of the Registration Act, 1908 lays down the paperwork of which registration is obligatory. Part 49 of the Registration Act, 1908, inter alia states that no doc required by part 17 or by any provision of the Switch of Property Act, 1882, to be registered shall have an effect on any immovable property comprised therein except it has been registered. A present deed is a compulsorily registerable doc as per the provisions of the Registration Act, 1908 and thus the identical might be required to be registered with the relevant Sub Registrar of Assurances in Gujarat. The registration costs payable on a present deed differs from state to state. In sure states, it’s a share with a cap and in different states it’s an advert valorum quantity with no cap. It could be advisable so that you can verify with an area lawyer in Gujarat as to what the registration payment could be on the present deed.
As per part 122 of the Switch of Property Act, 1882, a present is taken into account to be legitimate solely when it’s made voluntarily; it’s with out consideration; there was a suggestion by the donor; and the supply has been accepted by the donee, and the donee truly accepts the present. Thus for the present to be legitimate it should be made by your mom voluntarily, with none alternate of cash and it must be accepted by you.
A present deed should be executed by the donor and the donee—by you and your mom. Additional, the present deed should be attested by two testifying witnesses. Stamp obligation should be paid on the present deed and the identical should be registered.
In case your mom doesn’t execute the present deed throughout her lifetime, she shall proceed to be the proprietor of the stated immovable property. Your mom’s will shall solely develop into operative after her loss of life. Although it isn’t obligatory for a Hindu to acquire a probate of a will when the property is located in Gujarat, it might be advisable so that you can receive a probate of your mom’s will, particularly as you are feeling that your sister could contest the bequest. To acquire a probate, you’ll have to file a probate petition in a court docket of competent jurisdiction. The court docket charges might be payable on the time of submitting a probate petition and if uncontested, it usually takes round 8-10 months to acquire a probate. Nevertheless, in case your sister challenges your mom’s will (which could be achieved by submitting a caveat within the probate petition filed by you), your probate petition might be transformed right into a testamentary swimsuit and must be defended by you as some other swimsuit.
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