GIFT DEED

This query is : Resolved

SWAPNEELKUMAR (Querist)
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28 January 2009 DEAR SIR, I HAVE ONE QUERY ABOUT GIFT DEED. IS IT NECESSORY TO REGISTER GIFT DEED OR NOT? IF YES TO WHOM WE SHOULD REGISTER & FORMALITIES TO BE COMPLETED?
SECONDLY IF WE TRANSFER SHARE IN PROPERTY THROUGH GIFT DEED, THEN WHAT WILL BE STAMP DUTY PAYABLE?

REGARDS
( SWAPNEEL AJAMERA)

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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31 January 2009 You have to register the gift with concerned jurisdictional registrar where properties are registered. If the gift given by one relative to other relative (relative defined under income tax section ) then stamp duty is Rs.1000. If it is transferred from x to y both are not relatives then stamp duty applicable for gifts in the state has to be paid.

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