Revenue minister Balasaheb Thorat would soon be reviewing a proposal from the state Inspector General of Registration and Controller of Stamps to impose a 3 per cent stamp duty on gift deed for an ancestral residential or agricultural property.
“I will have to study the entire
proposal and take a review before making a decision,” said Balasaheb Thorat.
Currently, the stamp duty is Rs 200 for a gift deed of transferred property to
a blood relative.
According to the Inspector General of Revenue and Controller of Stamps (IGR) Omprakash Deshmukh, the amendment proposal has been shared with the state government for evaluation.
The IGR’s proposal was prompted by the many conflicts among families over a gift deed which needs the donor to make the deed and the blood relative donee’s consent to accept it. No permission is required from the other kin.
Article 34 of the Maharashtra Stamp Act was revised in 2017. The stamp duty on gift deeds is 3 per cent of the property value. In case the property is residential or agricultural, and is gifted without any payment to a blood relative, then the charge of stamp duty is Rs 200.
The registration department’s proposal suggests state government to amend the act and make the stamp duty for a gift deed to blood relatives also at 3 per cent.
“A gift deed is the preferred option instead of the partition clause under Article 46 of the act where the stamp duty remains the same at Rs 200, but permission of all the family members is required. If the current proposal is accepted, people would probably shift to the partition clause to assign their properties and seek approval from the family members. It will reduce litigation,” said a revenue official.
According to the officials from the registration department, the current proposal would take a long process of getting sanctions from the legal department and various other departments.