Legal Question in Real Estate Law in India

My father had bought a flat in shapoorji hidco, AAIII, Kolkata which is due for possession next year. Post posession he wants to gift the flat to his eldest son (of 2 sons) through a Gift deed. Is there any stamp duty, if yes what % and whether on purchase price or present valuation? Does the deed needs to be registered, if yes, with which authority and does hidco needs to be intimated as well?


Asked on 10/19/13, 4:10 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

19.10.2013

Dear Sir / Madam,

YES, there is Stamp Duty payable on the Gift Deed that your father makes for the property in the name of your brother. The rate is a per the prevailing prices of property as contained in the ready reckoner available with the Collector. YES, the Gift Deed needs to be registered with the Family Court. If it is an outright purchase without HIDCO's subsequent involvement, they need not be intimated of the Gift Deed as it is purely a personal matter.

Regards,

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Answered on 10/19/13, 4:16 am


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