Tag: Gift Deed Stamp Duty

The government levies a compulsory tax on the transfer of rights in a property, known as ‘stamp duty’. We examine how it is calculated and ways to save money on this tax amount The government levies a tax when there is a transaction of property (i.e., when a property changes hands, from the seller to the buyer). This tax is known as ‘stamp duty’. It is levied on residential and commercial property transactions, as well as freehold or leasehold properties. Stamp duty is levied by states and therefore, the rate varies…

While a gift of house property does not involve monetary consideration, it needs to be registered and taxes should be paid in certain cases Gifting is an act, through which a person voluntarily transfers certain rights in an asset to another person, without any consideration. Gifting of house property has a certain income tax and stamp duty implications. Legal requirements for the gift of property As per the Transfer of Property Act, the transfer of a house property under a gift has to be effected by a registered instrument/document, signed by…