Rules of Property Transfer in Blood Relation in Maharashtra

Note: The greater of the share remaining after the division of assets (or, if there are two or more shares of equal value and at least one of the other shares, then one of these equal shares) is considered to be the share from which the other shares are separated. Stamp duty and registration fees in the state of Maharashtra are determined by various factors. These factors include determinants such as the total cost of the transaction, whether the location of the property is in urban or rural areas, etc. For reasons of tax savings, the Indian Income Tax Act defines parents who fall into the category of “blood relatives”. These include: Any amount you receive as a wedding gift is not taxable in your hands, neither from parents nor from non-relatives. Inbreeding cash donations are not taxable. So even if you receive Rs one crore as a wedding gift from someone in your wedding, it is not taxable. You can request a refund of stamp duty if the real estate transaction is cancelled. Be aware that there are certain conditions that you must meet in order to receive the refund. In addition, the government also deducts about 1% of the fees.

Also note that you must submit the refund request within 6 months of the date of registration of the property. Before you give goods to your relative through blood, you need to understand, “What are the highlighted characteristics that define a true gift?” It is up to the location of your property to determine the actual cost of stamp duty and registration in Maharashtra or elsewhere. You can do your part and reduce your expenses for these fees, perhaps negotiate prices with the drafter of the deed and pronounce the legal fees. 3. The will does not have to be registered. It is not necessary to have consanguinity for the deed of gift, but if there is a deed of gift to a non-consanguinity, then there is an exemption from stamp duty in Maharashtra. So if you want to buy a house and your father/mother/sister/brother, etc., transfer Rs 20 lakh to your Hank account. You don`t have to worry about the tax issue because it`s a gift from your loved ones and you don`t have to pay taxes on that value.

3. You can check it here: igrmaharashtra.gov.in/ Abandoned property: The gift attributed to someone must be an existing property that the owner can give without obligation. Property must be a material element according to the law. If your deed of gift combines future potential ownership with an existing set of assets, that deed is considered void by law. Any part of the property inherited by an owner after the division of a common Indian family may be given as a gift to someone who is related by blood. You can try to get some relief from the property registration fee by negotiating rates with the clerk of the act, agreeing to pay for stamp papers, and negotiating legal fees. The right of transfer of property, or TPA, applied as early as 1882, clearly defines the term “gift” in Article 122. A gift can be any existing movable or immovable property that the owner wishes to transfer to a person known as a voluntary gift.

The donation is accepted by the beneficiary himself or by a person who inherits the property on his behalf. Under the TPA, a gift may consist of mortgages, land, enforceable claims or valuable property. The donation of enforceable claims such as insurance policies, stocks, bonds, etc. By deed of gift, it is possible to display compliance with the law on the transfer of property. Deed of assignment: The donation of property to your consanguinity is possible for all material property if the absolute owner drafts the deed of gift. Only the absolute owner of a property has the absolute right to delegate ownership of that asset to anyone. If this condition is not met, the deed of gift will be declared null and void by the court. This owner must completely renounce all rights to this property, a partial deed of gift agreed on personal terms with the recipient can not be sanctioned by the court. Giving property to loved ones is common in India. However, certain established rules must be followed with due respect when intending to deal with a deed of gift in conjunction with legal assistance.

It is not like an act of purchase, where the beneficiary has to pay a certain amount for the benefits granted to him. “The decision is in line with the government`s desire to encourage people to opt for legal property registration rather than ultra-vires measures that have only increased quarrels within the family,” then-Punjab Finance Minister Bikram Singh Majithia told the media after the announcement. The best suggestion to parents who give real estate to the son or daughter (deed of gift in consanguinity) should mention the line that the beneficiary son/daughter should not sell said donated real estate without their permission.