Gift deed for property in Pune
A gift deed transfers property without payment. In Maharashtra it must be stamped and registered at the sub-registrar office, and it takes effect once the person receiving the gift accepts it.
Stamp duty on a gift deed
- Close family: when residential or agricultural property is gifted to a spouse, son, daughter, grandson, granddaughter, or the wife of a deceased son, the Maharashtra Stamp Act sets stamp duty at Rs. 200/-.
- Anyone else: stamp duty is charged as on a sale, on the market value of the property.
A registration fee is also payable. Confirm the current amount on IGR Maharashtra.
Steps
- Draft the gift deed with a lawyer: names, relationship, property details and acceptance by the person receiving it.
- Pay stamp duty and book a registration appointment.
- Both parties and two witnesses attend the sub-registrar office with identity proof.
- For a society flat, apply to the society to transfer the share certificate.
- Update property tax records with PMC or PCMC.
Income tax
A gift of property from a relative, as defined in the Income Tax Act, is not taxed in the hands of the person receiving it. Gifts from non-relatives above a threshold can be taxable. Speak to a tax adviser.
Can a gift deed be cancelled?
Once accepted and registered, a gift deed can be cancelled only in limited cases set out in the Transfer of Property Act, 1882. Take legal advice before you sign.
More terms in the property glossary.
Questions
What is the stamp duty on a gift deed in Maharashtra?
Rs. 200/- when residential or agricultural property is gifted to a spouse, children, grandchildren, or the wife of a deceased son. Otherwise it is charged as on a sale, on market value.
Is a gift deed taxable?
A gift of property from a relative is not taxed in the hands of the person receiving it under the Income Tax Act. Check with a tax adviser for your case.