By Accommodation Times Bureau
An amendment of Maharashtra stamp act, is regarding the stamp duty charges on gifting of property to legal heirs is Rs. 200.
Under different sections the charges allotted on the stamp duty varies.
As per Article 34 column 1, if the property is gifted to any person or in family relation, which is without any monetary consideration, the stamp duty charged will be 5% on true market value. For example: Any person to other person or father in law to daughter in law, etc.
According to column 2 of article 34, if the immovable property is gifted to family members in relation, the stamp duty charges will be 2% on the true market value of the property. For example: son to his mother/father, brother to sister, grandson/daughter to grandparents, etc.
Under the same, if the residential or agricultural property is gifted to family member in relation, the stamp duty charges will be Rs. 200 on true market value. For example: Father to his son/daughter, husband to wife, etc.
For other local body tax and registration information, please check the appended file.