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Maharashtra waives stamp duty on property gifted to heir

he 2% stamp duty payable by owner to transfer property to heir or family members would be waived off, says Revenues Minister Eknath Khadse

The Maharashtra government has decided to waive stamp duty on transfer of immovable property by the owner to an heir or a family member. The decision was announced by Revenue Minister Eknath Khadse in the Legislative Assembly. Khadse also added that all such transactions would have to be compulsorily registered with the government.

In the norms prevalent a 2% duty on the property’s market value (ready reckoner rate) was payable in cases where the property was being gifted to a family member, under the Maharashtra Stamp Act. In cases where the transfer of property does not qualify as ancestral property, the stamp duty payable was 5%. This is along with a stamp duty of Rs200 on a release deed with respect to an ancestral property.

The government has also declared its plans to extend an online registration process for property sale transactions, a service, which is already available for leave and license transactions on a voluntary basis.