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How to transfer land ownership between relatives?- Property Hotline
Posted
July 20, 2016
Views
34,846
Likes
167
Comments
6
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0.50%
July 20, 2016
34,846
167
6
0.50%
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2:58Now PlayingBe Un Confused
Expert: Vinay Singh, Legal & Tax Expert.
Question: If an aunt (father's sister) wished to transfer ownership of land (N/A) to her nephew via stamp paper, how much will it cost? Since this transfer is between relatives, is there any provision for exemption from paying this amount? Should the transfer be done via conveyance or gift deed? Could you also elaborate on the registration and transfer process?
Answer: If the gift is to spouse, siblings or lineal ascendants or descendants the stamp duty in Maharashtra will be 2% of the reckoner value vide article 34 first proviso. However vide the second proviso, If the gift is to spouse or lineal descendant, the stamp duty is only Rs200/. These two provisos are not applicable to the commercial property. However, if you want to transfer property between nephew and aunt then you’ll have to pay 5% stamp duty charge.
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