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I believe there are four ways in which assets can be transferred—by a simple transfer during one’s lifetime, through a gift deed , by writing a will, and if a person dies intestate. Which of these methods attracts the minimum stamp duty , particularly for immovable property? Rajat Dutta, Founder & Initiator, Inheritance Needs Services: Stamp duty varies according to the state and is charged as a percentage of the property's value, either as declared in the agreement or based on rates set by the government. The transfer of immovable assets during one's lifetime can be done through sale, gift, family settlement, or partition of an HUF.
Sale deed/agreement: Stamp duty is based on the property's circle rate and varies according to the buyer's gender. In the NCR region, men pay 6%, women 4%, and for joint ownership it's 5%. In NDMC areas, men pay 5.
5%, women 3.5%, and for joint ownership it's 4.5%.
In Maharashtra, effective April 2022, the rate is 6% for men and 5% for women (including 1% metro cess) within municipal areas, with slight variations across cities. Gift deed: Stamp duty depends on the relationship between the donor and donee. In the NCR region, the rate for a gift deed in Delhi ranges from 4% to 7%, depending on the gender.
In Maharashtra, since 2017, gifts to specified relatives (spouse, parents, children, siblings) for residential or agricultural property, require a Rs 200 stamp paper, regardless of the property value. However, since April 2022, a 1% metro cess for municipal areas and a 1% local body tax (LBT) for rural areas is also charged. If the gift is to someone other than the specified relatives, the stamp duty rate in the NCR region is similar to that of a sale deed .
In Maharashtra, stamp duty for gift deeds between non-family members or distant relatives is 5%. In the case of inheritance through a written will, trust deed, or under succession laws (via a court order), when the deceased has died intestate, no stamp duty is payable in any state of India. My father and his older brother owned a property with a joint khata.
After my father’s death three years ago, we have repeatedly asked my uncle’s family to add my mother’s name to the records, but they have ignored our requests. How can I get my mother’s name added to the khata in place of my deceased father? What legal steps can I take? Rajat Dutta, Founder & Initiator, Inheritance Needs Services: If your father, a Hindu by birth, passed away without a will or trust deed, the Hindu Succession Act, 1956, shall apply. His property will be divided equally among his Class I heirs—his mother (if alive), spouse and children.
To proceed, file a testamentary petition in the court with the relevant jurisdiction, where your father passed away or where the property is located. The petition should mention the family tree and request that your father’s share of the property be transferred to the surviving Class I heirs. Acknowledge that 50% of the property, as per the khata, is owned by your father’s older brother, with supporting documentation.
The court will verify the documents, issue a notice to your uncle and, after due diligence, decide on the matter. If there are no objections, the court is likely to grant the mutation of your father’s share to all Class I heirs. If the heirs wish for only your mother’s name on the property, they can execute a release or relinquishment deed after the court order, making her the sole owner.
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I want to know if I can make a gift deed in favour of my brothers for my share in these properties. Raj Lakhotia, Managing Partner, LABH & Associates: Yes, if you wish to give up your share in your father’s property or ancestral property, you could transfer your undivided share to your brothers by executing a gift deed instead of a relinquishment deed. My father had shares in SBI Securities.
He passed away recently and I need to transfer the shares to me or my mother. How can I do this? Raj Lakhotia, Managing Partner, LABH & Associates: To transfer the shares of your late father to yourself or your mother, you need to first obtain a copy of the death certificate and a legal heir or succession certificate (as asked by the company). Submit a Transmission Request Form (TRF) to SBI, along with the above-mentioned documents.
If a beneficiary/nominee has been named, the shares can be transferred to that person. Otherwise, the company will transfer the shares to legal heirs as per the succession certificate provided. It’s advisable to consult with SBI secretarial to ensure that all procedures are correctly followed for a smooth transfer process.
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