Stamp responsibility is calculated primarily based on a property’s market worth


I’ve learn that the responsibility charged for gifting residential property is just 200. So, if I wish to present my flat in Andheri, do I have to pay 200 as stamp responsibility after which register the settlement by paying the registration prices?

—Khan Nehal Ahmed

A present of immovable property needs to be made in accordance with part 122 of the Switch of Property Act, 1882 (TOPA). A present is taken into account legitimate when (i) it’s made voluntarily; (ii) it’s with out consideration; (iii) there was a proposal by the donor; and (iv) the supply has been accepted by the donee. For the present to be legitimate, you need to switch the property voluntarily, with out consideration, and it should be accepted by the donee throughout your lifetime and while you’re able to giving.

The switch of immovable property by the use of a present should be effected by a registered and stamped instrument signed by you and should be attested by at the very least two witnesses in accordance with part 123 of TOPA.The donee would additionally usually signal the present deed to proof acceptance of the present being made.

Stamp responsibility is payable on a present deed, and differs throughout states. In Maharashtra, fee of stamp responsibility is ruled by the Maharashtra Stamp Act, 1958. Stamp responsibility leviable on a present deed whereby the subject material is immovable property, is similar as payable on a conveyance of immovable property. Stamp responsibility is calculated on the premise of the property’s market worth.

If the present is made to a member of the family—husband, spouse, brother or sister of the donor or any lineal ascendant or descendant of the donor—the responsibility chargeable shall be on the identical price as specified above, or 2% of property’s market worth, whichever is much less.

Additional, vide the Maharashtra Stamp (Modification) Act, 2015, which got here into impact from 24 April 2015, it has been offered that if residential and agricultural property is presented to a husband, spouse, son, daughter, grandson, grand-daughter or spouse of deceased son, responsibility chargeable shall be 200.

Additional as per part 17 of the Registration Act, 1908, it’s necessary to register a present deed for an immovable property with the sub-registrar of assurances inside whose sub-district the entire or some portion of the property is located, inside 4 months of execution of the present deed. Else, switch will probably be held invalid.

The relevant registration prices payable differs throughout states. In Maharashtra, fee of registration prices is ruled by a desk of charges ready by the federal government in train of the powers conferred by part 78 of the registration Act. As per the desk, the registration price on a present deed is leviable on an advert volorem scale available on the market worth of the property on which stamp responsibility is charged, topic to the next caps. When the property worth doesn’t exceed 10,000 the price shall be 100, and the place the worth exceeds 10,000 the price shall be 100 plus 1% of the worth exceeding 10,000 topic to a most of 30,000.

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