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My father and I are co-owners of a flat in Panvel, Navi Mumbai. My father wants to gift his 50% ownership to me through a gift deed. What charges would apply? Will LBT or metro cess be applicable in a family relation gift deed?
A gift deed within the family, especially for property, is subject to stamp duty, but this may vary by state. In Mumbai, LBT (Local Body Tax) or Metro cess may not apply for family-related gifts. Consult a property lawyer for accurate calculation of stamp duty, which depends on property value. For further legal assistance contact us on our helpline number.