Gift deed

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Himani Shah (Querist)
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17 May 2012 Dear Sir/ Madam,

Kindly provide solution for the following query:

There are 2 real brothers (both major) who are also the shareholders in the same pvt ltd company.

Now 1 of the brother wants to transfer all his shares (by gift) to another brother. Can this be done by executing gift deed???

please provide solution at the earliest.

Thank you.

Regards,
Himani

vignesh

vignesh (Expert)
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17 May 2012 Dear Himani Shah,

You can execute gift deed and register the same with the registered office for the safety purpose and also you have to comply the form 7B for transfer of shares in physical format and also attracts the stamp duty Rs.2.50 for every 1000 value of shares transfered.

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Himani Shah

Himani Shah (Querist)
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17 May 2012 Thank you sir for your advice.

Can you please tell me where is the registered office to register the Gift Deed in Thane District?? and what amount of stamp duty will be paid on the Gift Deed or what amount of franking is to be done on the Gift Deed??

Please Reply.

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vignesh

vignesh (Expert)
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17 May 2012 Hi,

For Registration of Gift Deed based on the value of the shares transfered. The maximum value of stamp duty attracts on the registration of gift deed is Rs.10000 + registration charges extra. I dont know the location of registered office in thane as i was unaware those areas.

Himani Shah

Himani Shah (Querist)
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17 May 2012 sir the shares to be transferred is 1,33,007 equity shares of Rs.100/- each the NAV of the shares is Rs. 108/-. can u please tell me what stamp duty will be paid on the Gift Deed and can u please show the calculations for the same??

Where is the Gift Deed to be registered if it is in Mumbai City.

Please reply.