It would be 3 per cent if executed in favour of mother
If son gifts to his mother or father in-law a property in mumbai . stamp duty payable would be rs 200 or 3 percent.
if one sells multiple properties and buys one will he or she get tax benefit
taxpayer who sells multiple properties and invests all proceeds into one house can claim an exemption under section 54F (refer ACIT v Mahindra Kumar Jain).
taxpayer who sells multiple properties and invests all proceeds into one house can claim an exemption under section 54F (refer ACIT v Mahindra Kumar Jain).
taxpayer who sells multiple properties and invests all proceeds into one house can claim an exemption under section 54F (refer ACIT v Mahindra Kumar Jain).
Dear Sir / Ma'am,
According to Article 34 of the Maharashtra Stamp Act, which was revised in 2017, stamp duty on gift deeds is 3 percent of the property value. But, if the property is residential or agricultural, and is gifted without any payment to a blood relative, then the stamp duty is Rs 200.
Thank You.
Dear Sir/ Ma'am,
A taxpayer who sells multiple properties and invests all proceeds into one house can claim an exemption under section 54F of the Tax act.
Thank You.
Since the relationship do not come under blood relationship you may not be eligible for any concession in the stamp duty to be paid for registering this transfer deed, you may have to pay the stamp duty as per the ready reckon-er rates.
Capital Gains Exemption Taxpayers can now obtain a long-term capital gains exemption on the sale of a house by investing in two houses (upper limit of Rs 2 crore). Earlier, the exemption was available for investment in only one property.
This option can be exercised by the taxpayer only once in his lifetime provided the amount of long-term capital gain does not exceed Rs. 2 crores. The option to claim capital gain exemption under Section 54, in respect of two houses, shall be available as the amount of capital gains does not exceed Rs. 2 crores.
It will not be considered as gifted to blood relative for which stamp duty will be charged as per prevailing usual rate.
Yes, he will get the I, Tax benefit on the amount invested in buying his dwelling house from the said sale proceeds.