Response

If you want to transfer the property to your brother you can execute a registered gift deed. For this there is no stamp duty if the transfer is within the close relationship. The applicable registration charges have to be paid before the registrar’s office. At present, the stamp duty is a mere Rs 200 for a gift deed of such a property when transferred to a blood relative. … According to Article 34 of the Maharashtra Stamp Act, which was revised in 2017, stamp duty on gift deeds is 3 per cent of the property value.

Any movable or immovable property can be transferred within blood relations without any consideration via a gift deed or a Will. The advantages of having a gift deed is that it can be executed during the lifetime of a donor, unlike a Will which comes into effect only after the death of the testator.immovable property such as land, house or flat can be transferred to OwnerÕs Children or even to blood relatives simply by executing transfer deed on Rs. 500/- stamp paper without paying stamp duty and registration fee.

This announcement will give good relief to the families of transferors as they will not require to pay 5% stamp duty at market value as per ready Reckoner. transfer your share in the house to your brother, you may do so by executing a gift deed in favour of your brother with respect to your half share in the house. A gift of immovable property should be in accordance with section 122 of the Transfer of Property Act, 1882

Reference: Article 34 of the Maharashtra Stamp Act,Section 122 of the Transfer of Property Act, 1882

202100472021004212847

LAWAYZ-2023-526