Hence, the commercial buildings attract higher stamp fee in comparison with the residential buildings.

Purpose- Stamp charges depends on the purpose for which it is used.

Full Payment – The payment given under Stamp Duty has to be the discharge of payment in full.

So, if the property is situated in a municipal area, the person will have to pay a higher rate than any property situated in a rural area.

Location- Stamp charges differ from state to state and the rates also differ in different areas.

In addition to the property transactions.

On all financial transaction documents including promissory notes, bills of exchange, Is the direct tax payable under section 3 of the Indian Stamp Act, 1899. Mandatory to get the gift deed registered and comply with the stamp requirements Have the legal evidence for the ownership of the property.

Physical possession of the property is not sufficient so it is important to Property and confirms that the tax has been paid. On the gift deed or the legal document which ensures the transaction of It is a kind of physical stamp that is impressed Stamp charge refers to the tax that the government levies during the It isĬollected and levied by the state government

The property in consideration during the registration. Incurred Stamp charges differs from state to state and it varies depending upon Stamp duty is governed by The Indian Stamp Act, 1899. Read our article: What is the Gift Deed and how it Works? What are the Provisions of Stamp Duty? Gift deed is transferred between some particularclose relatives then there are few states that provide concessionsįor example, the state of Maharashtra has fixed a cap on the stamp charges that is paid on gifting agricultural property or the residential property to one’s children, spouse, grandchildren or wife of a son who has died, at the amount of Rs 200, irrespective of the property’s value. Gift deed are usually the same as in a regular sale. The gift deed or document at the time while it is given for registration.Īmount of registration charges and the charges of stamp paid with regard to the The duty of the registrar to ensure that proper stamp duty has been affixed on Transfer of property is invalid if a gift deed is not registered. Is ought to be attested by two witnesses.ġ7 of the Registration Act, 1908 makes it obligatory for the registration of Instrument, signed by the person gifting the property or on his behalf and it Mandatory requirement that the gift of a transfer of house property has to be registered According to the Transfer of Property Act, it is

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