Guidelines for Stamp Duty on Gift Deeds in Maharashtra
Purchasing real estate in Maharashtra entails paying various taxes, the most significant of which are stamp duty and registration fees. These are govern under the Bombay Stamp Act 1958, also refer to as the Maharashtra Stamp Act.
However, what if you are receiving the property as a gift? Will registration fees and stamp duty still apply? To clear up any confusion regarding stamp duty on a gifted property, read our advice.
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What does gift deed stamp duty mean?
The tax paid for the gift deed that has been create for the immovable property that one person gives to another is known as the stamp duty on gift deed. Depending on the state where the property is being gift, this can range from 2 to 7%.
Blood relatives and other individuals are subject to different stamp duty costs on gift deeds. In actuality, several states just impose registration fees and offer a stamp duty refund. Let’s see what holds true in Maharashtra.
What are the Maharashtra stamp duty and registration fees for gift deeds?
According to the Maharashtra Stamp Act, stamp duty on gift deeds in Maharashtra must equal 3% of the property’s value. However, the stamp duty for residential or agricultural assets is Rs 200 if the property is given within the family.
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Who is eligible for a stamp duty rebate as a blood relative?
1) The spouse
2) A sibling
3) The spouse’s brother or sister
4) One of the parents’ brothers or sisters
5) Any descendant or ascendant in line
6) Any of the spouse’s ancestors or descendants
7) The spouse of the individuals mentioned in (b) through (f)
In Maharashtra, how is the stamp duty on a gift deed calculate?
Go to https://igrmahhelpline.gov.in/stamp-duty-calculator.php and choose the gift deed.
Choose the recipient of the property from the gift deed stamp duty options below.
- Gift deed for residential or agricultural land that is in the name of the deceased son’s wife, son, daughter, grandson, granddaughter, or husband.
- Deed of gift to another family member
- Giving a gift deed to someone other than family
In Maharashtra, who is responsible for paying the stamp duty on gift deeds?
The donor is responsible for paying the stamp duty on the gift deed regardless of the state.
Documents required to pay the stamp duty on gift deeds in Maharashtra
- Identity verification for the donee and donor: Aadhar cards, PAN cards, driver’s licenses, etc.
- Deed of sale
- The original gift deed
- Donor’s passport-size photographs, completed
- Observe
How can I pay Maharashtra’s stamp duty and registration fees for a gift deed?
- As a first step, the done and the donor need both consent to donate and receive the property.
- The gift deed, which will include the donors and donee’s information as well as property facts, will then be draft. It is advise to draft this with legal counsel who will address any pertinent legal issues.
- Following completion, the donor, done, and witness must visit the local SRO to register the documents. Here, the documents will be check, and the registration and stamp duty payments will be made. As an alternative, you can submit the challan to the SRO and pay the stamp duty on the gift deed online at the IGR Maharashtra website.
- The donee accepts the gift after it is finish. Keep in mind that the donor’s gift deed is only enforceable if the donee accepts it while the donor is still living.
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Stamp duty is apply to all real estate, including gift deeds. A property must be list in official records in order to prevent any disputes. One could take advantage of Maharashtra’s stamp duty rebate if they are considering completing a gift deed for family members.
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