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What is stamp duty on deed of property-Paisabazaar .com PERSONAL FINANCE

There are several ways of transferring ownership to another person, namely a sale, will, or gift. While sales certificate and will transfer methods are popular and well known in the industry, the gift certificate method is a less well-known term for people. A method of transferring gift certificates is used when an owner voluntarily transfers ownership to a friend, relative, or other close family member. Although it is not a monetary transaction, the property must be registered on behalf of the recipient by paying stamp duty. In order for a deed of gift to be valid, the property must be registered with a sub-registrar in accordance with Section 17 of the Registration Act of 1908 and Section 123 of the Property Transfer Act.

Registration fees for gift certificates

Fees for registering a gift certificate vary from state to state. In most states, stamp duty for the transfer of property as a gift is the same as for the deed of sale. There is also a certain concession offered by some states when ownership is transferred between blood relatives. The table below shows the fees for gift certificates in different states.

Condition / subt Registration fees for gift certificates
Delhi 4% for men and 6% for women
Maharashtra Rs. 200 stamp duty and Rs. 200 registration fees for the gift of the living or arable land to the spouse, children, grandchildren or the wife of a deceased son
West Bengal For transfer to a non-family member:
5% of the market value of the property in Panchayat areas and 6% of the market value in municipal areas
For transfer to a family member:
0.5% of the market value of the property
Uttar Pradesh 2% of the market value of the property
Karnataka For transfer to a non-family member:
5% on the market value of the property + surcharge + tax and 1% registration fee
For transfer to a family member:
Rs.1000 + surcharge + delivery and fixed registration fee of Rs.500
Andhra Pradesh Stamp duty: 2% of the market value of the property
Registration fees: 0.5% of the market value of the property
Tamilnadu Stamp duty: 7% of the market value of the property
Registration fee: 1% of the market value of the property
Madhya Pradesh For transfer to a non-family member:
5% of the market value of the property
For transfer to a family member:
2.5% of the market value of the property
Telangana Stamp duty: 5% of the market value of the property
Registration fee: 0.5% of the market value of the property
Rajasthan Stamp duty: 6% of the market value of the property
Registration fee: 1% of the market value of the property

Note:

  1. To broadcast utility connections on behalf of the recipient, an application must be made Mutation certificate after successful registration of the gift certificate.
  2. The donor cannot later revoke the deed after the execution of a deed of gift, unless the reason for the cancellation corresponds to a specific clause in the deed.
  3. After the recipient’s death, property is returned to the donor if he is alive, otherwise to the recipient’s heirs.

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