Stamp duty for gifting co owner s share in a flat
This query is : Open
17 November 2023
We have purchased a flat in ahmedabad which had three owners( my wife, myself and my mother in this order).
My mother has agreed to remove her name voluntarily without any financial consideration.
Which process I follow to ensure that I avoid paying higher stamp duty and other charges ?
I was told that gift deed route will still attract stamp duty in Gujarat ( and the rate of which is around 3 to 4 %).
Not sure about the actual process.
Can I try relinquishment deed for my mother to give away her rights in the flat as co owner? Is such deed applicable only for ancestral property or it can be used for non- ancestral property ( as in my case) ?
Also - while executing any of the above , is mother's presence required for the process in ahmedabad ( she is a super senior citizen residing outside Gujarat and with restriction on her movements due to age related leg issues )
Please advice.
My mother has agreed to remove her name voluntarily without any financial consideration.
Which process I follow to ensure that I avoid paying higher stamp duty and other charges ?
I was told that gift deed route will still attract stamp duty in Gujarat ( and the rate of which is around 3 to 4 %).
Not sure about the actual process.
Can I try relinquishment deed for my mother to give away her rights in the flat as co owner? Is such deed applicable only for ancestral property or it can be used for non- ancestral property ( as in my case) ?
Also - while executing any of the above , is mother's presence required for the process in ahmedabad ( she is a super senior citizen residing outside Gujarat and with restriction on her movements due to age related leg issues )
Please advice.
17 November 2023
Will is the better option
17 November 2023
Thanks. Yes -WILL is an option but which of the two suggested options is valid and can be done. ? Not in favour of WILL option as the name removal is requested to be done immediately
17 November 2023
In both the cases stamp duty is payable check it up with the Registration authority of your location.
Stamp duty differs between states.
Stamp duty differs between states.
17 November 2023
Thanks. If I take relinquish deed route , than I was told that no stamp duty is payable( will have to confirm ). Also i need to check if relinquish deed is applicable for non-ancestral property or not. If it is a state specific issue or not -also need to check. If any reader of the message can guide for this point for Gujarat state applicability- would be much appreciated. Thanks
31 December 2023
Please advice if relinquishment deed to forego by a co owner ( mother) in a property ( in ahmedabad - non ancestral) can help to pay nil stamp duty and is acceptable by registrar ?
31 December 2023
Check it in your state.
The Gujarat government has come out with a circular that ancestral properties can be transferred, and rights can be relinquished on Rs 300 stamp paper, and 4.9% stamp duty would not be levied on market value of the property.
The Gujarat government has come out with a circular that ancestral properties can be transferred, and rights can be relinquished on Rs 300 stamp paper, and 4.9% stamp duty would not be levied on market value of the property.
31 December 2023
Sir,
Thanks for your response. My property is not an ancestral property. I am aware of "no stamp duty " for ancestral property which is not the case with me.
What would be the process to avoid paying nil stamp duty since it is a gift from mother to son ( blood relation) without any financial consideration.
Would appreciate guidance
Thanks for your response. My property is not an ancestral property. I am aware of "no stamp duty " for ancestral property which is not the case with me.
What would be the process to avoid paying nil stamp duty since it is a gift from mother to son ( blood relation) without any financial consideration.
Would appreciate guidance
31 December 2023
Only option is will without stamp duty.
31 December 2023
Sir,Thanks for your response.
Is their no other option than the WILL.
The removal of the name is insisted by mother on an immediate basis.
Is their no other option than the WILL.
The removal of the name is insisted by mother on an immediate basis.
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