Wondering do you pay stamp duty if you gift a property? When gifting a flat in India, stamp duty is applicable. The rate varies state by state and typically ranges from 2% to 7% of the property value. However, many states waive stamp duty charges when the gift is given to relatives connected by blood.
Do You Have To Pay Stamp Duty On Gifted Property?
When gifting a property in India, calculating the stamp duty is crucial. Here’s how it works:
Stamp Duty on Gift Deeds: The stamp duty varies from 2% to 7% based on the property’s value. However, many states waive stamp duty charges when the gift is given to relatives connected by blood.
Example Calculation: Suppose the stated value of the property being gifted is Rs 1 crore. If you’re in Uttar Pradesh (UP), the receiver of the gift would pay 2% of the gift value as the stamp duty, which amounts to Rs 2 lakh.
I hope this helps you understand do you pay stamp duty on gifted property.
Get Your Gift Deed Drafted Via Expert Legal Assistance Via NoBrokerRead More:
Can You Gift Property To a Friend?
Your Feedback Matters! How was this Answer?
Shifting, House?
✔
Lowest Price Quote✔
Safe Relocation✔
Professional Labour✔
Timely Pickup & Delivery
Intercity Shifting-Upto 25% Off
Check Prices
Intracity Shifting-Upto 25% Off
Check Prices
City Tempo-Upto 50% Off
Book Now
Yes , the stamp duty of 3% is payable and tax on gift deed of property is applicable as follows:
The price of all gifts a person receives throughout a year is totally exempt under income tax legislation, as long as the final value of these gifts doesn't really surpass Rs 50,000 per year. If the total value of all gifts received reaches Rs 50,000, the total value of all gifts received becomes taxable. Gifts among two family members are treated favorably by income tax legislation. The transfer of any asset (movable or immovable) to such a selected family is completely tax-free in the recipient's hands, with no maximum limit. This answers your query about is stamp duty payable if a property is gifted.
Read More: Stamp duty in Pune? Know the stamp duty and registration fees.Your Feedback Matters! How was this Answer?
Shifting, House?
✔
Lowest Price Quote✔
Safe Relocation✔
Professional Labour✔
Timely Pickup & Delivery
Intercity Shifting-Upto 25% Off
Check Prices
Intracity Shifting-Upto 25% Off
Check Prices
City Tempo-Upto 50% Off
Book Now
Authors Of The Question
Do We Need to Pay Stamp Duty for Gifting a Flat?
rahulmendke
1033 Views
2 Answers
2 Year
2022-01-27T18:02:31+00:00 2024-08-01T11:18:40+00:00Comment
Share