I am located in Bangalore, i bough a flat and want to gift it to my father.
Is it tax free ? if not then how much tax need to paid?
How much need to paid for gift deed registration charges (stamp and registration) ?
In case I stay in same property then Can I claim HRA benefit to save tax after doing gift deed to my father?
No, there is no tax payable for gifting a property in favor of your father. However, you will be required to pay stamp duty on it and register the gift deed. I am not sure but stamp duty would be about 2% of the value of the property and Rs. 30,000/- for the registration. After gifting it, you may reside in the same flat and enter into a rent agreement with your father and pay rent to him, and claim HRA.
Dear Ashok,
Gift deeds within family, including parents are attracting limited amount of Stamp & Regn fees in Karnataka.
As per Govt.of Kar. notification the following is the amount :
Levy of Stamp Duty and Registration Fee on Some Important Documents at a Glance
|
Sl. |
Descripttion of document |
Article No. under which Stamp Duty Chargeable |
Amount in Rupees |
Article No. under which Registration Fees payable |
Amount in Rupees |
|
9 |
Gift |
28 |
|
|
|
|
|
(i) If Donee is not a family member |
28(a) |
@ 5 % on the market value+ Surcharge + cess |
I |
1% |
|
|
(ii) If Donee is a specified family member |
28(b) |
A fixed duty of Rs.1000 + surcharge & cess |
I-Note-11 |
Fixed fee of Rs.500 |
Gift can also be of immoveable property and if the property is transferred with a stamped and registered gift deed, then the donee become a owner of the property.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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