No Stamp Duty Required for transfer of property to relatives

No Stamp Duty Required for transfer of property to relatives

GOVT. WAIVES STAMP DUTY ON TRANSFER OF LAND / FLAT TO KIN or FAMILY MEMBERS

Hon’ble Revenue Minister Eknath Khadse announced in Assembly on 25-03–2015 that Govt. waives stamp duty on transfer of land or flat immovable property to Kin or family members. He announced that now immovable property such as land, house or flat can be transferred to Owner’s Children or even to blood relatives simply by executing transfer deed on Rs. 500/- stamp paper without paying stamp duty and registration fee. This announcement will give good relief to the families of transferors as they will not require to pay 5% stamp duty at market value as per ready Reckoner. Minister further clarified that in such an event it will be sufficient if transfer document is executed on Rs.. 500/- stamp-paper.

He further clarified that the decision to waive stamp duty on property transferred to heirs is taken on account of large complaints received from farmers who were otherwise unable to transfer farming land to their family members due to heavy stamp duty for such transactions. H’ble Chief Minister on another issue of TDR clarified in the assembly that Govt. is framing a new policy by which TDR will be indexed to the Ready Reckoner rate in order to prevent developers earning buge income from use of TDR of one area to another. The Ready Reckoner rate of the area where it is being utilized will now apply

Here is the link to the website which has a link to the circular too http://accommodationtimes.com/no-stamp-duty-required-for-registration-of-gift-deed-between-blood-relatives/  You may read the comments also, which will give you a good idea. Here is the english version of the same – http://www.npci.org.in/documents/Annexure_4_Maharashtra_Stamp_(Amendment)_Act_2015.pdf

Some more views available here https://www.kaanoon.com/17181/transfer-of-property-in-blood-relation