ANIKET NERURKAR in Mumbai having complete expertise in BOMBAY STAMP ACT and the REGISTRATION ACTS.
I undertake total Complete Services from Drafting of immovable Property Agreements like DEED OF CONVEYANCE, SALE DEED, AGREEMENT FOR SALE, DEED OF GIFT, RELEASE DEED, POWER OF ATTORNEY, MORTGAGE DEED, LEAVE AND LICENSE AGREEMENT, LEASE DEED, TRANSFER OF TENANCY, CREATION OF TENANCY, SURRENDER OF TENANCY etc, and the valuations on it as per the Bombay Stamp Act and eventually registering it according to the Registration Act, 1908.
For assessing the stamp duty for Gift Deed, it is to be seen whether the immovable property is residential or commercial. If it is residential than Rs.200 stamp duty is assessed on the GIFT of property from the Father to son, Daughter, wife, grandson, Grand-daughter, wife of deceased son and is also applicable for the relation of Mother to Son, Daughter, Grandson, Grand-daughter and wife of Deceased son.
But it is to be noted that vice-versa is not allowed. For the relation of Brother to Sister and vice-versa stamp duty is 2% of the Market value and for the relation of Mother-in-Law to Daughter-in-law stamp duty is 5% on the market value of the property. The Article for Deed of Gift is 34.
In case of Power of Attorney given to blood relation in case of Sale, Release or Gifting away ownership rights, Power can be given for signing as well as to appear before the sub-registrar. In case of Power given to any third party apart from blood relation for Sale, Release or Gifting away ownership rights only one power can be given that is Power to admit the execution and appear before the sub-registrar.
In case of Deed of Release, the ownership right of an individual has to be inherited. Transfer even between brothers and sisters in case of inherited ownership rights the stamp duty is Rs. 200/- and registration fees are also Rs. 200/-. The Article for Deed of Release is Article 52 of the Bombay Stamp Act.