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.
Helpful
Helpful
Share
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.
Helpful
Helpful
Share
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.
Helpful
Helpful
Share
Read Related Answers
Mental Abuse and Harassment by Mother in law
Dear Client,
Such kind of inhuman ill-treatment and emotional harassment by a mother-in-law towards her daughter-in-law deserves stringent action and strong protest by filing a complaint under Sec.12...
Marriage and police related problem
Dear Client,
The Police do not have any authority to interfere or relinquish the marriage of two consenting individuals who have attained majority. In case of false allegations and misuse of power by...
Staying at husband house after court ordered monthly maintenance
Dear Client,
In November 2020, the Supreme Court of India ruled that deserted wives and their children are entitled to alimony/maintenance from their husbands from the date they apply for it in court....
Husband and wife problem
Dear Client,
In case of marital issues, you can approach a family counselor to resolve the matter and seek appropriate assistance.
Hope it helps.
Thank you.
Sapinda relationship
Dear Client,
Under the Hindu Marriage act marrying within your pinda ie Sa- Pinda is prohibited under the sec 5 of the Hindu Marriage Act for the reason that the biological offspring would be genetic...
Read Blogs on Family
Family Lawyers
Find Lawyers by Location
