Actor Sanjay Dutt gifted four flats, worth around Rs 100 crore, in Mumbai’s upscale Bandra suburb to his wife, Manyata, in December, but within a week, she returned the gift, documents reviewed by Moneycontrol show.
According to the gift deed, Rs 26.5 crore is the circle rate, or the value determined by the government, for these four properties, but brokers claim that the market value of the units is more than Rs 100 crore.
Upscale address
The four apartments are in the Imperial Heights building in Pali Hills, the address of the rich and the famous.
Two of the apartments are on the third and the fourth floor and there is a penthouse on the 11th and the 12th floor, the gift registration documents accessed by Zapkey.com show. Zapkey is an online platform that aggregates and organises publicly available property registration data.
When contacted, a representative of Dutt did not comment.
Moneycontrol has copies of the two gift deeds—the one that Dutt made for his wife and the other through which Manyata, identified as Dilnashin Dutt in the documents, returned the four apartments to the 61-year-old actor. Manyata’s real name is Dilnashin, according to media reports.
The first gift deed was executed by Dutt, whose parents Sunil and Nargis Dutt were also famous Bollywood stars, on December 23, 2020. Manyata gifted the apartments back to Dutt on December 29, 2020, the documents show. The deeds were registered on payment of Rs 500 each.
The units come with two open and 15 stilt car parking spaces on the ground and lower ground floors, documents show.
The property was constructed by Siraj Lokhandwala (proprietor of Lokhandwala Constructions, who also developed the famous Lokhandwala Complex where most Bollywood stars live as also the erstwhile Regent Hotel and the famous Jogger’s Park at Carter Road, Bandra) on the land belonging to Sunil Dutt, who had a bungalow on this land.
The Dutt family got these apartments as their share of the development. The building, Imperial Heights was constructed in 2002.
Transaction value
The size of these units is around 3,000 sq. ft and the transaction value at around Rs 90,000-Rs 95,000 per sq. ft on the carpet, brokers said. These apartments command a monthly rent of between Rs 5 lakh to Rs 7 lakh a unit. The building is located on a hill and offers an excellent view of the city, brokers said.
Legal and tax experts say gifting property to a family member is a common practice, but reversal of gift isn’t. It may have been done to rectify an error or for tax purposes.
“A gift does not attract huge stamp duty for family members and is a common practice when it comes to property, but reversing a gift is not. The reversal may have to do something with tax restructuring,” a legal expert said on condition of anonymity.
In August 2020, the actor, who has starred in more than 150 films, including hugely successful Naam, Khalnayak, Mission Kashmir, Munna Bhai MBBS and Lage Raho Munna Bhai, said he had stage 4 lung cancer and would “beat the disease soon”.
In October, he tweeted, “The last few weeks were very difficult time for my family and me. But like they say, God gives the hardest battles to his strongest soldiers. And today, on the occasion of my kids’ birthday, I am happy to come out victorious from this battle and be able to give them the best gift I can--the health and well-being of our family.”
He has a son and a daughter with Manyata and a daughter from his first marriage.
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