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FAQ: Is local body tax applicable on a gift deed? - Property Hotline
Posted
June 9, 2016
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960
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June 9, 2016
960
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1:27Now PlayingBe Un Confused
Expert: Pannkaj Ghadiali, Managing partner, PC Ghadiali & Company
Q: My father wants to gift a residential property which he bought in 1992 to my mom. He has prepared a gift deed for the same. We stay in Thane. Is local body tax applicable on a gift deed since the building was constructed in 1994?
Answer: Local body tax is not applicable on this kind of case. There will be no gift tax too as the property is being given from a husband to his wife. As per recent amendment in Maharashtra Stamp Act, the only thing payable is the stamp duty in the case of transfer of property to relative is Rs.500/-.
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