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By : APURVA SHETH
NA
[ Scorecard : 28]

ON : 05 September 2008

MY DAD'S REAL BROTHER (PATERNAL UNCLE) HAS GIVEN ME A RESIDENTIAL FLAT AS A GIFT. WE HAVE EXECUTED THE GIFT DEED AND GOT IT REGISTERED. THE SOCIETY HAS ALSO TRANSFERRED THE FLAT IN MY NAME.

AS PER THE IT ACT THIS TRANSACTION IS NON TAXABLE UNDER THE GIFT TAX ACT BECAUSE GIFT RECEIVED FROM FATHERS BROTHER IS EXEMPT.

AS PER THE BOMBAY STAMP ACT -

I n case of a gift to spouse, brother, sister, lineal ascendants or descendants @ Rs. 10 for every Rs. 500 or part thereof (approx. 2%) of market value.

THEREFORE, AS PER THE BOMBAY STAMP ACT WILL THIS GIFT BE CONSIDERED FOR LOWER STAMP DUTY RATES? AGAIN, I HAVE RECIEVED A RESIDENTIAL FLAT IN MUMBAI AS A GIFT FROM MY UNCLE (DAD'S BROTHER).

THANK YOU.

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