Gift deed to include parents now

Bangalore: The government, which has amended the Karnataka Stamp Act 1957, has given benefit to the "parents'' by bringing them under the "family'' definition in the Act which already has husband, wife, son, daughter, daughter-in-law, brothers, sisters and grandchildren.
Gift deed transaction among them would attract just Rs 1,000 as stamp duty irrespective of the property value and a flat registration fee of Rs 500.
Also the ordinance to amend Karnataka Stamp Act and reduce the stamp duty from 7.5% to 6% for registration of first sale of apartments will get Governor's nod any time. It will be notified with prospective effect.
A certain percentage on stamp duty is charged towards infrastructure cess and surcharge. These will come down from June.
The levy:
* Urban areas: existing - 9.4%, revised - 7.72%.
* Rural areas: existing - 9.475%, revised - 7.78%.
The revised registration levy components:
* Stamp duty of 6%
* Infrastructure cess which is 10% on stamp duty (for both urban and rural)
* Surcharge of 3% on stamp duty in rural areas, 2% in urban areas
* Registration fee of 1% on market value of the property