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Claim of Stamp duty on Gift deed

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Suraj

993 Points Posted on 06 January 2024

Dear Sir/Madam,

My query is as follows:

Mr A & Mr B, Father & Son, purchased a property jointly in Panvel, Maharashtra in 2007 for Rs. 10 Lakhs. Due to old age, Mr A gifted his 50% share in property to Mr B in 2016. They paid Rs. 30000/- as stamp duty & registration charges of Gift deed.

Now, in Jan 2024, Mr B wants to sell this property.
Can he claim this Rs. 30000/- towards registration of gift deed as cost in capital gain calculation?

Kindly guide.
Thanks & Regards,
Suraj

Replies (5)

Quick Summary

A property owner gifted their 50% share to their son via a gift deed in 2016, paying £30,000 in stamp duty and registration fees. Now, in 2024, the son wishes to sell the property and is enquiring if the £30,000 paid for the gift deed registration can be claimed as a cost when calculating capital gains tax. The current view suggests these charges may not be allowable as a cost of expenditure for the property.