You're given property as a gift If you get property as a gift you won't pay SDLT as long as there's no outstanding mortgage on it. But if you take over some or all of an existing mortgage, you'll pay SDLT if the value of the mortgage is over the SDLT threshold.
Hereof, what is the percentage of stamp duty on property in Maharashtra?
With this announcement, stamp duty in Mumbai, Pune and Nagpur, on properties will be charged at five percent (four percent Stamp Duty + 1 percent Metro cess). For properties above Rs 30 lakh - Rs 30,000. For properties below Rs 30 lakh - 1% of the property value. For properties above Rs 30 lakh - Rs 30,000.
Furthermore, how can I get gift deed in Maharashtra?
Steps To Create Your Own Gift Deed Have the Gift Deed printed on Stamp Paper of suitable denomination and have both the Donor and the Donee sign the document in the presence of two witnesses. Depending on the nature of the gift one can register the Gift Deed at the closest Sub-Registrar Office.
What is release deed in Maharashtra?
A release deed needs to be registered in the office of the sub-registrar within whose jurisdiction the property is situated. A release deed that has to be executed in Maharashtra, which is in favour of a family member, needs to be on a stamp paper of Rs 500.
What is the registration fee for gift deed?
The applicable stamp duty for GIFT (IN FAVOUR OF RELATIVES AS DEFINED U/S 56 (2) OF IT ACT,1961 AND GOVT./LOCAL BODIES/UDAs) it shall be 1%, transfer duty is 1.5% on the market value or consideration whichever is higher and registration fee 0.5% (subject to a minimum of Rs. 1000/- and maximum of Rs.