stamp duty for gifting property in Bangalore Metro politan area
1 month ago
Is my sister daughter considered as family member and if yes, then what is the rate of stampduty and if not what is the rate of stamp duty?
A.Dear Client,
When a donor transfers immovable property through a deed of gift to family members, including son, daughter, father, mother, husband, wife, daughter-in-law, real brother (or his wife in case of the death of the real brother), real sister, son-in-law, son/daughter of son/daughter, it is important to note the legal implications and tax considerations.
Under Section 56 of the Income Tax Act, 1961, immediate family members typically include parents, siblings, or siblings' spouses. However, your sister's daughter may not be considered a family member of the donor in this context.
The stamp duty on gift deeds can vary, ranging from 2% to 7% based on the property value. To obtain accurate and up-to-date information, it is recommended to visit the office of the Sub-Registrar under whose jurisdiction the property to be gifted is situated. They can provide specific details regarding the applicable stamp duty rates and other relevant regulations.
It's crucial to seek professional legal and tax advice when dealing with property transactions and gift deeds to ensure compliance with the applicable laws and regulations.
When a donor transfers immovable property through a deed of gift to family members, including son, daughter, father, mother, husband, wife, daughter-in-law, real brother (or his wife in case of the death of the real brother), real sister, son-in-law, son/daughter of son/daughter, it is important to note the legal implications and tax considerations.
Under Section 56 of the Income Tax Act, 1961, immediate family members typically include parents, siblings, or siblings' spouses. However, your sister's daughter may not be considered a family member of the donor in this context.
The stamp duty on gift deeds can vary, ranging from 2% to 7% based on the property value. To obtain accurate and up-to-date information, it is recommended to visit the office of the Sub-Registrar under whose jurisdiction the property to be gifted is situated. They can provide specific details regarding the applicable stamp duty rates and other relevant regulations.
It's crucial to seek professional legal and tax advice when dealing with property transactions and gift deeds to ensure compliance with the applicable laws and regulations.
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A.Dear Client,
When a donor transfers immovable property through a deed of gift in favour of family members that include son, daughter, father, mother, husband, wife, daughter-in-law, real brother (his wife in case of death of real brother), real sister, son-in-law, son/daughter of son/daughter. Even, under Section 56 of the Income Tax Act, 1061, immediate family members include parents, siblings, or siblings' spouses. So, your sister's daughter is not considered a family member of the donor. Stamp duty on gift deeds can vary from 2% to 7% based on the property value. For authentic information, you need to visit the office of the Sub-Registrar under whose jurisdiction the property to be gifted is situated.
When a donor transfers immovable property through a deed of gift in favour of family members that include son, daughter, father, mother, husband, wife, daughter-in-law, real brother (his wife in case of death of real brother), real sister, son-in-law, son/daughter of son/daughter. Even, under Section 56 of the Income Tax Act, 1061, immediate family members include parents, siblings, or siblings' spouses. So, your sister's daughter is not considered a family member of the donor. Stamp duty on gift deeds can vary from 2% to 7% based on the property value. For authentic information, you need to visit the office of the Sub-Registrar under whose jurisdiction the property to be gifted is situated.
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A.Dear Sir,
You have to check with Sub-Registrar office the definition of family. As per my knowledge she does not come within the definition of family and accordingly you have to pay the stamp duty.
You have to check with Sub-Registrar office the definition of family. As per my knowledge she does not come within the definition of family and accordingly you have to pay the stamp duty.
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