Team Herald
PANJIM: The reduced stamp duty on gift deeds within family members as per the Indian Stamp (Goa Amendment) Act will come into force from Thursday, September 30.
As per the amendment, whenever a gift deed is executed within family members or transferred between blood relations such as in favour of father, mother, brother, sister, wife, husband, daughter, son, grandson or granddaughter, a stamp duty of Rs 5,000 will be charged irrespective of the market value of the property.
In any other gift deed, there is no change and the same stamp duty will be levied as per the Article 22 on the market value of the property which is subject matter of gift.
However, when possession of the property or any part of the property comprised in gift deed is given by the mortgagor or agreed to be given, a stamp duty of Rs 1,000 will be charged.
Currently the government is charging stamp duty of three per cent for value of property up to Rs 50 lakh while, for value of property between Rs 50 lakh and Rs 75 lakh, a stamp duty of 3.5 per cent is charged. Similarly, for property value between Rs 75 lakh and Rs one crore, a stamp duty of four per cent is charged and for property value of Rs one crore and above, a stamp duty of 4.5 per cent is charged.
In addition to this, a registration fee of three per cent will be charged for all gift deeds.
In July this year, the Goa Assembly passed the Indian Stamp (Goa Amendment) Act, 2021 reducing the charges for registration of gift deed. The Bill was assented by the Governor on August 30 and was published in the Official Gazette on September 3.