Now, no stamp duty in state on gifting property to heir

Prevalent norms of the Maharashtra Stamp Act stipulated a stamp duty up to 5 per cent on such transactions.

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While the stamp duty payable in cases where a gift is being made to a family member was 2 per cent of the property’s market value (ready reckoner rate), transfer of a property that does not qualify as an ancestral property attracted a levy of 5 per cent.

A stamp duty of Rs 200 was also payable on a release deed in respect of an ancestral property.

Khadse, however, said all such transactions would have to be compulsorily registered with the government. The Punjab government had adopted a similar policy previously.

The government also announced that it would soon extend online registration process for property sale transactions, allowing home buyers to register properties without a visit to the registration office. Such a facility has already been applied on a voluntary basis for leave and licence transactions.

“We will soon make it applicable to sale transactions too,” Khadse said.