HI, My property is located in Bangalore,Karnataka.I would like to know if i want to gift a 50% share in it as to my mother, will she be considered a family member as per karnataka laws as the stamp duty is very low in case of family member. Also, if she is not and i add her as a co -applicant then what liabilities will she have and as the only loan contributor , will i be able to claim tax benefits on the whole property or 50% regards
Hi, as per Article 28 of the Karnataka Stamp Act, "Family in relation to the donor for this (Gift) Purpose means,( Father, Mother) Husband, wife, son, daughter, daughter-in-law, brother, sister and grand children.
2. So with in the above relationship gift is executed then stamp duty payable is " Rupees One Thousand Only.
Sir, thanks for the reply.That's a relief. I was in the doubt because on this particular page https://www.karnataka.gov.in/karigr/modeldeeds/giftd.htm it says "Calculation of Stamp duty and Registration fee for family members . Family member means family in relation to the donor for this purpose means husband, wife, son, daughter, daughter-in-law and grand children ." I believe the page is not updated properly with the 2009 act.? regrads
May be, as per the Karnataka Stamp Act,1957 edition 2013 what i have replied the same definition is there.
1. Mother is indeed a family member.
2. The gift deed made by you in her favour will attract a very nominal stamp duty as compared to a gift deed wherein the donee is not a family member.
1) mother is a family member
2)gift deed made by son in favour of mother would attract concessional rate of stamp duty as per provisions of karnataka stamp act
Hello,
As mother is one of the nearest blood relation, gift deed made in her favour will attract minimal stamp duty as opposed to a non family member which would be as good as a sale transfer.
It is however always advisable to make an enquiry at the office of the sign registrar of your area to get the exact percentage of stamp duty payable.
1. Your mother is a family member as per Karnataka Stamp Act,1957,
2. You shall have to pay very nominal stamp duty for registering a gift deed of your property in her name.
