Stamp Duty Amnesty Scheme Maharashtra
3 months ago
Does Legal heir needs to pay stamp duty on transfer of property due to the death of the owner.
Also does the changes made in the share certificate issued by society sufficient as the owner proof for the legal heir?
A.Dear Client,
Every transfer of title or ownership of immovable property transferred through other non-testamentary instruments which purport to create, declare, assign, limit or extinguish, whether in present or in future, any right, title or interest, whether vested or contingent, of the value of one hundred rupees and upwards, to or in immovable property. from one hand to another requires registration under clause B of Sec.17 the Registration Act 1908 on payment of stamp duty based on the market value of the property. The transfer of the name of the owner in the share certificate of the Society is processed based on the nomination of the deceased owner and the legal heir certificate or the succession certificate obtained by the legal heirs but that does not confer any title of the property in favour of the legal heir until and unless a deed of transfer/conveyance is registered with the Registering Authority on payment of stamp duty and registration fees.
Every transfer of title or ownership of immovable property transferred through other non-testamentary instruments which purport to create, declare, assign, limit or extinguish, whether in present or in future, any right, title or interest, whether vested or contingent, of the value of one hundred rupees and upwards, to or in immovable property. from one hand to another requires registration under clause B of Sec.17 the Registration Act 1908 on payment of stamp duty based on the market value of the property. The transfer of the name of the owner in the share certificate of the Society is processed based on the nomination of the deceased owner and the legal heir certificate or the succession certificate obtained by the legal heirs but that does not confer any title of the property in favour of the legal heir until and unless a deed of transfer/conveyance is registered with the Registering Authority on payment of stamp duty and registration fees.
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A.Dear Client,
In the event of the death of a property owner, the transfer of property to legal heirs typically involves legal processes and documentation. While the legal heirs themselves may not be required to pay stamp duty directly, the property transfer may still be subject to applicable stamp duty and registration charges. These charges are often assessed on the market value or the consideration amount mentioned in the transfer document. It is essential to consult with a legal professional or the local land and revenue authorities to understand the specific stamp duty implications in your jurisdiction.
Regarding changes made in the share certificate issued by the society, while this can serve as evidence of ownership, it may not be sufficient as the sole proof of legal heirship. The legal process usually involves obtaining a Succession Certificate, a Will Probate, or Letters of Administration, depending on the circumstances and applicable laws. These documents establish the legal heirs and their rights to the property. It is advisable to seek legal advice to ensure the proper and legally recognized transfer of property ownership to the legal heirs.
Thankyou
In the event of the death of a property owner, the transfer of property to legal heirs typically involves legal processes and documentation. While the legal heirs themselves may not be required to pay stamp duty directly, the property transfer may still be subject to applicable stamp duty and registration charges. These charges are often assessed on the market value or the consideration amount mentioned in the transfer document. It is essential to consult with a legal professional or the local land and revenue authorities to understand the specific stamp duty implications in your jurisdiction.
Regarding changes made in the share certificate issued by the society, while this can serve as evidence of ownership, it may not be sufficient as the sole proof of legal heirship. The legal process usually involves obtaining a Succession Certificate, a Will Probate, or Letters of Administration, depending on the circumstances and applicable laws. These documents establish the legal heirs and their rights to the property. It is advisable to seek legal advice to ensure the proper and legally recognized transfer of property ownership to the legal heirs.
Thankyou
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