Huf partition

Hi Mr Bhandoola,

Stamp duty is a state subject. It varies from State to state. The rate of stamp duty is determined according to the State stamp Acts. Since you have mentioned that your property is situated in Mumbai, The Bombay Stamp Act of 1958 will apply. The Rates of Stamp duty currently in force for Stamp Duty is as below.

Where any property is partitioned, the largest share which is remaining after the partition is Exempted from Stamp Duty. Stamp Duty shall be paid on the remaining portiions of the property at the Rate of Rs. 10/- for every Rs. 500/- worth (Market Value) of Property.

For Ex: A  Property which is Jointly held by X, Y, Z is partioned. The market value of the property is Rs. 1,00,00,000/- (1 Crore). X gets 40%, Y gets 35% and Z gets 25%. Thus the share of X is exempt. Since this is a larger share. On the other 60,00,000 (Share of Y &Z) Stamp duty is payable at Rs. 10/- for every Rs. 500. That is 60,00,000/500*10=Rs. 120,000/-.

I have attached the Shedules of Rates prescribed under Bombay Stamp Act. You have to use Non Judicial Stamp paper.

The above is from my personal research. So please verify before you take any decision on the above.

Please see attached. Refer Serial No. 46 for partition.

Thanks, VIGGI