For the purpose of making a gift of immovable property, the transfer must be registered, signed by or on behalf of the donor, and attested by at least two witnesses. The stamp duty, calculated on the basis of the market value of the property (differing from state to state), must be paid at the time of registration.
If the residential or Agriculture immovable property is gifted (without consideration) to family members in relation then the stamp duty is 200/- on true market value as applicable under article 34 Maharashtra Stamp Act.
Gift Deed in favor of Near Relatives (in favor of Husband, Wife, Son, Daughter, Grandson, Granddaughter or Wife of a deceased son) Ð Rs. 200/- Stamp Duty, 1% LBT, and Rs. 200/- Registration Fees.
Gift Deed in favor of other Family Members (not in favor of near relatives) Ð 3% Stamp Duty, 1% LBT, and 1% Registration Fees (Max Rs. 30,000/-) is applicable.
1.Purchase Agreement along with Index II;
3.Aadhar Cards and PAN Cards of both the parties;
4.Electricity Bill; and
5.Property Tax Bill.
6.Society Registration Certificate.
7.Society share certificate.
As per Section 122 of the Transfer of Property Act, 1882, gifting a property must be done voluntarily.
When compared to a sale deed, it is a better method as there are no taxes to be paid if the gift is made to relatives. However, stamp duty and registration charges will have to be paid to make the transfer legal. Also, this kind of transfer is irrevocable. In case of a gift made to non-relatives over Rs 50,000, the recipient will have to pay taxes on the gift received.
Reference: Section 122 of the Transfer of Property Act, 1882