Gift deed in j&k

This query is : Resolved

Share Report Follow Query Ask a Query

Rakesh Khullar

Rakesh Khullar (Querist)
Follow

30 April 2014 stamp duty applicable for gift deed in Jammu&Kashmir to a relative

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
Follow

25 July 2024 In Jammu & Kashmir, the stamp duty applicable for a gift deed to a relative varies depending on the relationship between the donor (person giving the gift) and the recipient (relative receiving the gift), as well as the value of the property being gifted. Here are the general provisions regarding stamp duty for gift deeds in Jammu & Kashmir:

1. **Stamp Duty Rates**: Stamp duty rates for gift deeds in Jammu & Kashmir are prescribed under the Jammu and Kashmir Stamp Act, 1977.

2. **Exemptions**: Certain categories of relatives may be exempted from paying stamp duty or may have reduced rates. The definition of relatives and the applicable exemptions can vary.

3. **Value of Property**: Stamp duty is typically calculated based on the market value of the property being gifted. The market value is determined by the Stamp Valuation Authority.

4. **Payment of Stamp Duty**: Stamp duty is paid on the market value of the property or the consideration amount mentioned in the gift deed, whichever is higher. It is usually paid by purchasing non-judicial stamp paper of the requisite value.

5. **Registration**: Gift deeds for immovable property (land, house, etc.) must be mandatorily registered with the Sub-Registrar of Assurances within whose jurisdiction the property is situated. Registration ensures legality and validity of the gift deed.

Since stamp duty rates and exemptions can vary, it's advisable to consult the local Sub-Registrar's office or a legal expert in Jammu & Kashmir to get precise information regarding the stamp duty applicable for a gift deed to a relative. They can provide guidance specific to the property value and the relationship between the donor and the recipient.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now