Stamp Duty and Other Fees for removal of name from residential property in Maharashtra

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If you and your brother jointly own a property in Maharashtra and wish to remove your name before selling, a gift deed is the recommended process. For family members, gifting property incurs a nominal stamp duty of Rs 200, significantly less than the typical 3% of the circle rate.

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(Querist)
09 April 2023 Me and my brother had purchased one flat in Pune- Maharashtra by taking a housing loan in the joint name. The loan is completely repaid and now we want to sell the flat. Before selling, I would like to remove my name as an owner so that my brother can purchase a new residential flat in his name. There is no dispute and I would like to volutarily transfer it in his name.
How we can execute this so that we can pay minimal stamp duty or fees to Govt
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
09 April 2023 You have to register gift deed for the part of share in the flat to be gifted to your brother.
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Prashant Deshpande

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Prashant Deshpande (Querist)
10 April 2023 Thank you sir for the reply....Is it going to be costly or can it be done with Rs 500 stamp paper
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
10 April 2023 For Gift deed given to family members, residential or agricultural property it is just Rs. 200/- otherwise it is 3% of circle rate.
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